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…………………………….

Understanding the Interplay Between an Individual Unit Owners’ Policy and Their HOA Policy is Crucial for Submitting Condominium and Townhome Claims in California

Of the 39 million potential insureds making up California’s population, over 14 million – or over 35% – live in homeowners association communities. Therefore, understanding whether their property damage claims fall under their individual or association insurance policies is essential to properly recovering insurance benefits. Equally essential is understanding which policy takes priority when property […]

Insurance Changes Could Lead to Association Members’ Inability to Sell Their Units

Fannie Mae and Freddie Mac are large, government-backed companies that play a crucial role in the mortgage market. In late 2008, following the global financial crisis, the federal government took over operations at both companies, and these government-sponsored enterprises (GSEs) now guarantee most of the mortgages in the United States. Read the article…………………………….

Homeowners insurance vs. co-op insurance vs. condo insurance

What kind of home you live in can significantly impact the type of insurance needed. There are separate, specialized types of policies for co-ops, condos and homeowners. The right policy for one often won’t even apply to another. Before purchasing a policy to protect your property, make sure you understand how that policy works and […]

What Is Condo (HO-6) Insurance? What Does It Cover?

As a condo owner, you don’t own the land or building your home sits on, but you still need good insurance for your unit and personal belongings. And you can’t rely on the homeowners association (HOA) master policy.   Read the article……………………………….

Condo Insurance Vs. Homeowners Insurance: What’s The Difference?

Having the right type of insurance is important whether you own a single-family house or a condo. Condo insurance and homeowners insurance both cover problems like fire, theft and liability claims against you but they differ in other ways.   Read the article………………………………

High premiums keep Florida homeowners stuck with state’s insurer of last resort

Florida homeowners who can’t find coverage from standard insurers turn to Citizens Property Insurance Corp. for affordable home insurance. Florida’s state-created home insurer of last resort currently covers more than 1.4 million properties – making it the largest home insurer in the state by far.    Read the article…………………………………

When Can Insurance Companies Require Participation in Mandatory Binding Arbitration? (FL)

In Florida, significant changes to insurance regulations have taken effect as of December 2022, with the implementation of Senate Bill 2A. This comprehensive bill addresses several critical areas, including flood coverage disclosure, assignment of benefits, prompt pay laws, and, notably, mandatory binding arbitration limitations for insurance claims. This blog focuses on the provisions related to […]

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 […]

The Insurance Industry’s Brutal Climate Math

Eddie Lejuine, a trout fisherman living one town away, in Hackberry, used to pay $5,800 a year to a private insurer to cover the home he and his wife have lived in for decades, which now sits on stilts set at 16 feet above the water. The company dropped them in June 2021, right in […]

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 […]

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……………………………

Lahaina condos could trigger broader insurance woes (HI)

At least one condo project burned to the ground in the Lahaina fire. There are likely others damaged or destroyed, but although I’ve seen references to condos, I haven’t found a list identifying those with significant damage.  Rebuilding of condominiums is a trickier affair than rebuilding a single family residence.   Read the article………………………..

Home insurers cut natural disasters from policies as climate risks grow

At least five large U.S. property insurers — including Allstate, American Family, Nationwide, Erie Insurance Group and Berkshire Hathaway — have told regulators that extreme weather patterns caused by climate change have led them to stop writing coverages in some regions, exclude protections from various weather events and raise monthly premiums and deductibles.    Read the […]

Aging Infrastructure & Insurance (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 with regard to infrastructure and giving greater scrutiny to insurance applications.    Read the article………………………..

Should Florida’s CFO step in to help Ian-battered homeowners escape contractor liens? (FL)

Insurance company Heritage Property & Casualty ignored the $2 million emergency claim on townhome community Parkwoods VI for months, and Panama City-based repair company SouthernCAT grew impatient. Communications between the homeowner’s association and its members show the repair company placed a lien on all the townhomes in February of 2023 at roughly $30,000 apiece.   Read […]

Condo Home insurance An overview Of The Insurance

Condo Home Insurance, commonly referred to as HO-6 coverage, is designed specifically for condominium unit owners to protect both interior structures and personal belongings from financial disaster. It can help provide financial coverage against losses while offering financial security against liability exposures for your finances and belongings in case something occurs within or around your […]

Florida insurance regulators order Citizens back to drawing board on rates

Regulators have ordered the state-backed Citizens Property Insurance Corp. to revamp — and trim — proposed rate increases.  Florida Insurance Commissioner Michael Yaworsky signed an order Friday that took issue with parts of a Citizens rate proposal that included increasing rates by 12 percent for homeowners with the most-common type of policies.   Read the article………………………..

Does Everybody Need Flood Insurance Now?

It has been an intense year for flooding, with no relief in sight.  Scientists at the National Oceanic and Atmospheric Administration now say they’re expecting an above-normal Atlantic hurricane season this year. The updated forecast calls for 14 to 21 named storms, including as many as 11 hurricanes. Of those, up to five could become […]

Changes to Condominium Insurance Requirements For “Detached” Units (MD)

House Bill 98, making changes to condominium insurance requirements, was passed during this year’s legislative session and signed into law by Governor Moore. It amends Section 11-=114 of the Condominium Act concerning the mandatory insurance that is required to be maintained by the Council of Unit Owners.   Read the article………………………..

Why Insurers Are Reducing Coverage In Florida, California

The insurance industry is becoming increasingly sensitive to the effects of climate change on their businesses. Some insurers are reducing coverage or new policies in California and Florida. This raises difficult questions about the future of doing business in certain regions of the United States, too.    Read the article………………………..

Regulators talk options for coastal SC homeowners reeling with home insurance ‘crisis’

The news is out about the ongoing premium pressures hitting hundreds of property owners across South Carolina, especially the coastal region.  Monday, a town hall took place hosting state leaders from across the insurance industry to handle questions about what some state leaders see as a potential crisis for homeowners.    Read the article………………………..

Unlocking the Magic of HO6 Insurance

When it comes to safeguarding your condominium or townhome investment, having the appropriate insurance coverage is vital. The HO6 insurance policy is specifically designed to fill the gaps left by the master insurance policy held by the association. In this article, we will delve into what HO6 insurance entails, its significance, key inquiries to make […]

Navigating the Challenges of a Hard Insurance Market

As board members of a homeowners association (HOA), it is crucial to stay informed about the ever-changing dynamics of insurance markets. These markets can fluctuate between being hard or soft, which directly impacts the premiums and coverage options available to your community. In this blog post, we will explore the differences between hard and soft […]

Residential Insurance Prices Increase as Insurers Slow Business in California

….. was surprised to receive a notice from his homeowner’s association (HOA) this spring letting him know that there would be an increase in insurance premiums for him and other condominium owners at The Met in Los Angeles’ San Fernando Valley. The letter stated the increase was due to instability in California’s property insurance market. […]

A Brief Guide to Condo Insurance

The ownership structure of a condominium unit is different from that of a single family house. Here’s what you need to know when purchasing insurance for your condo.    Read the article………………………..

What’s the Difference? Condo Insurance vs. Homeowners Insurance

Both homeowners insurance and condo insurance help protect the home’s owner from financial losses after a covered loss. Find out how the two are similar and how they differ in this comparison of condo insurance vs. homeowners insurance.   Read the article………………………..

HOA Homefront — Tips regarding ‘bare walls’ property insurance

Quite recently two of the largest residential property insurance companies announced major cutbacks in California. State Farm announced it had stopped accepting applications for any California insurance policies, and Allstate announced it was “pausing” from any issuing new homeowners insurance and HOA insurance policies to protect existing customers. Many HOAs are now experiencing skyrocketing property […]

After State Farm’s and Allstate’s Exits, Farmers Insurance Sets Limits in California

In May, Zachary Erbe received some alarming news: Farmers Insurance would not renew his building’s insurance policy, which expired in August.  The reason? The three-unit residential building located near Alamo Square was constructed before 1925.  As chairman of the homeowner’s association, Erbe jumped into action and sought new coverage. He thought he had another policy […]

HOA Homefront: Tips for ‘bare walls’ property insurance (CA)

Quite recently two of the largest residential property insurance companies announced major cutbacks in California.  State Farm announced it had stopped accepting applications for any California insurance policies, and Allstate announced it was “pausing” any new homeowners insurance and HOA insurance policies to protect existing customers.   Read the article………………………..

Loss of homeowner fire insurance kindles debate over fairness (CA)

There are 115 insurers still writing new policies in California, and there’s also the California FAIR Plan Association, which was established to meet the needs of the state’s homeowners unable to find insurance in the traditional marketplace. FAIR provides up to $3 million in coverage per HOA complex, according to Michael Soller, deputy insurance commissioner […]