Condo insurance woes strike Hawaii

As Hawaii’s Governor wages war on Maui short term rental unit investors, there’s an insurance sting in the tail for condo owners and would-be buyers across the state as it wrestles with property insurance challenges.  Insurance costs for condo complexes have skyrocketed by anything from 100% to 1,000% since the devastating August wildfires,    Read the […]

Whe Do We Have to Submit an Insurance Claim?

One of the more confusing concepts in HOA world is insurance and knowing when to submit a claim. All too often associations get in trouble for failing to submit claims and requiring an owner to pay for damages out of pocket instead of using insurance proceeds. In this article, we will discuss how to determine […]

HOA insurance premiums skyrocket across Colorado, driving up condo dues

To say Rosalie Hayes was stunned when she opened the letter describing a dues increase at her Arvada condo complex this year would be an understatement.  “When I opened this letter, it was just like you could have knocked me over with a feather,” she said. “It was a shock.”  Read the article…………………………….

Waukesha condemned condo owners asking state insurance commissioner for help (WI)

Demolition of the Horizon West Condominium building is ongoing two years after it was evacuated over worries it could collapse because of structural issues.  Even though the building is stripped down to its steel beams, the residents who used to live there are still paying their mortgages.   Read the article…………………………….

What is an HOA insurance policy?

Homeowners associations (HOAs) generally assess a fee to the HOA members, which is used to manage tasks like snow plowing, lawn mowing or maintaining public spaces. Some of the money collected may also go toward HOA insurance coverage. This type of policy protects the HOA community against certain liability risks or property damage.   Read the […]

S. Carolina Insurer’s Bad Faith Causes $27M Loss from Policies with $2.5M Limit

A panel of the South Carolina Court of Appeals on Wednesday affirmed a trial court order requiring Pennsylvania National Mutual Casualty Insurance Co. to pay an award totaling $27,339,535.46 to developer Portrait Homes and the Persimmon Hill Homeowner’ Association, even though the policies it sold Castillo’s company provided only $2.5 million in coverage.    Read the […]

Do You Really Want to Risk Not Having Insurance? (FL)

We all know what the cost of insurance is doing to our way of life. In most condominium associations, the cost of windstorm and peril insurance has tripled over the past few years, if not quintupled. And from what I am being told, there is no end in sight. God forbid another major storm hits […]

Florida Condo Associations: Dodging Floods and Drowning in Premiums?

Well, folks, another hurricane season in Florida has come and gone, leaving us with nothing but a collective sigh of relief and the looming specter of potential disaster. In the spirit of commemorating the official end of hurricane season, I urge you to take a moment to reflect on your condo association’s insurance choices.   Read […]

Aging Infrastructures: Changes in Insurance Underwriting (CA)

It is no secret that the insurance industry, especially for common interest developments in California, is in crisis. After several years of wildfires and other natural disasters, carriers are not only charging higher premiums, but also revising eligibility requirements and giving greater scrutiny to insurance applications.   Read the article………………………………

Volusia condo owners plead for legislative help as insurance rates spike (FL)

It’s been over a year since hurricanes Nicole and Ian devastated the coast of Volusia County and still, many homes and condos are being rebuilt.  Now, the owners are taking a major blow again, this time by property insurance hikes.   “If the insurance keeps going up, the condo market is going to collapse,” Jeff Sussman […]

Florida’s ongoing property insurance crisis leading to spikes in HOA fees

Several residents in the Baldwin Park area say their fees have doubled, increasing by nearly $400 dollars per month to an estimated $770 per month. Now, they’re learning the rate hike is a result of the state’s ongoing property insurance crisis.    Read the article…………………………………..

HOA Insurance: A Tale of Premiums Past and Strategies for the Future (CO)

Several years ago, my wife suggested, “You should run for a position on our HOA’s Board of Directors. You attend so many board meetings; you would be great at it!” Today, more than ever, I appreciate those who volunteer to serve their community as a board member. This often thankless position can demand so much […]

Condo Column: A Hidden Danger

About two years ago in Michigan, which becomes relevant to New Hampshire by the end of this column, there was damage to a condominium that was covered by the Association’s Master Policy. After the deductible, the check to be paid by the carrier to the Association was $40,000.00. All was going to be good. Then […]

Do Insurance Carriers Follow the Governing Documents? (CA)

Q: Why would a carrier even consider a claim for inside plumbing when our CC&R clearly indicates that inside plumbing issues and damages is the responsibility of the owner? Don’t they read the CC&R when writing the policy? Are we paying extra premium for this inside coverage?   Read the Q&A…………………………..

Maintenance and Insurance-What’s the Difference and Why is it so Hard to Understand? (CO)

Understanding the difference between a maintenance obligation and an insurance obligation is a crucial part of community living. Maintenance and insurance obligations differ between associations depending on how the governing documents are drafted whether the association is classified as a condominium, townhome, or single family community. It is important that an association understand the difference […]

Navigating Florida’s Challenging Property Insurance Marketplace for Community Associations

The property insurance crisis in Florida is causing significant upheaval among the state’s HOAs and condominium associations. While they are paying the highest premiums in the country for coverage, more than 15 insurers have left the state in recent years. Citizens Property Insurance, the state-backed “insurer of last resort,” is Florida’s largest property underwriter, and […]

Is your home insurance poised to get pricier? There are warning signs (MA)

It’s hard to believe now, given the subsequent rigamarole. But when Julia Shanks first learned that her insurance company wouldn’t renew her policy because it wanted to reduce its risk with “coastal properties,” the North Shore resident wasn’t particularly concerned.    Read the article……………………………….

As Storm Damages Mount, States Try to Make It Harder to Sue Insurers

Samari Lakes East, a nondescript condo complex near Miami, was battered by Hurricane Irma in 2017. The storm tore up the roof, causing water damage across Samari’s 635 units, home to retirees and blue-collar workers.  The complex’s insurer, Heritage Property & Casualty Insurance, said the damage was only $22,107. In April, after a lengthy court […]

Condo Column: Insurance Tips – Part II (NH)

Following up on the last column, there is the matter of your condominium association’s insurance deductible. To be clear, you will never get from your insurance company all of the money needed to make the repairs, for the simple reason that even if you get everything you wanted in your negotiations with the adjuster, the […]

Insurance Essentials for HOAs: A Guide to Safeguarding Your Community

Homeowners’ associations play a pivotal role in the upkeep of communities. From landscaping to shared amenities, HOAs are responsible for numerous tasks that enhance residents’ living experience and preserve property values. A large part of these responsibilities is planning for the long-term viability of the community. This is why finding and maintaining appropriate insurance coverage […]

As climate risks mount, the insurance safety net is collapsing

…….But as climate change intensifies extreme weather and claims pile up, this system has been thrown into disarray. Insured losses from natural disasters in the U.S. now routinely approach $100 billion a year, compared to $4.6 billion in 2000. As a result, the average homeowner has seen their premiums spike 21 percent since 2015.   Read […]

Dropped by Your Home Insurer? You Need to Take These Steps Now

“I can’t impress upon you the stress the board was under,” said a member of a small homeowners association (HOA) in Boca Raton, Florida. By law, their HOA has to have insurance, but they couldn’t find another policy after receiving a non-renewal notice. Eventually, Citizens — the insurer of last resort in Florida — said […]

Fortune-Telling Exclusion

Now is the time of year when the calls and emails start rolling in: “How much should we budget for our insurance next year?” Those are often accompanied by, “When will we get our renewal proposal?” Well, since fortune telling is not covered by most insurance agents’ errors and omissions insurance, we really can’t tell […]

Homeowners Flock to Last-Resort Insurance Policies

Robert Dubie was paying around $1,100 a year to insure his Paradise, Calif., home before it burned down in a wildfire five years ago. He rebuilt it with a host of fire protections, but it costs 10 times as much to insure.   Read the article……………………………

Help! My Association Can’t Afford Its Insurance Premiums (CO)

Unfortunately, we continue to see major increases to insurance premiums in Colorado, and for some communities, insurance has become practically unaffordable. In fact, it is no longer unusual to see annual premiums ranging between $600,000 and $800,000 for some associations, with no sign of relief in the near future.    Read the article……………………………

Condo Column: Insurance tips (NH)

Some may think the topic of insurance is dull, and perhaps to some it is, but it’s also extremely important at your condominium association. Your board of directors likely knows the basics, i.e. that the Condominium Act requires every association to carry an insurance policy to cover the full replacement value of all structures on […]