Insurance is a topic most people like to avoid, but it is an important one. As owners or landlords, we all have to be responsible and carry the proper insurance for our homes. Who’s responsible for what? It’s an important question often asked by owners, and the answer is sometimes more complicated than you’d think. […]
Insurance industry pushes wildfire mitigation as solution to condo crisis (CA)
In recent months, more than 1,000 condo owners in San Diego have had their property insurance policies not renewed by Farmers Insurance due to wildfire risk. Janet Ruiz is the Director of Strategic Communication for the Insurance Information Institute, a nonprofit trade group that educates the public on behalf of the insurance industry. Read the […]
Florida property insurance rates expected to jump 40% to 50% in June
The Sunshine State, home to more than 22 million people, has an affordability problem when it comes to housing-not just for buying a home or finding a place to rent. Protecting your home can also be expensive. Read the article………………………..
Farmers cancels insurance for 115 homeowners in Scripps Ranch (CA)
More condominium owners are coming forward after not being renewed by Farmer Insurance due to wildfire risk. The Village Woods complex in Scripps Ranch with 115 condos is the latest to be dropped. Read the article………………………..
State legislators respond to condo insurance crisis from wildfire risk (CA)
Walt Mooromsky is one of 240 condo owners in the Canyon Park Villas in Mira Mesa, who recently had their property insurance not renewed by Farmers Insurance due to wildfire risk. Read the article………………………..
Farmers cancel insurance for 338 homes in Rancho Bernardo (CA)
More condo owners are coming forward to report Farmers Insurance has not renewed their property insurance due to wildfire risk. Residents in the 338-unit Morada condo complex may now be looking at thousands of dollars in special assessments to get insurance on the secondary market. Read the article………………………..
Reader responds to our take on condo owner’s insurance denial
Q: I read your column regarding a condominium owner that was denied homeowner’s insurance coverage for sewer water damage he sustained. I don’t believe your answer adequately responds to the issue at hand. It may be relevant in Illinois, but there are substantial differences in other states, and specifically in Florida. Read the Q&A……………………………….
Allstate’s Castle Key Plans to Drop 33,000 Condo Policies in Florida
At least one of Allstate Insurance group’s Florida subsidiaries plans to non-renew 33,000 Florida condominium policies, starting in June. In a notice sent to Florida agents this month, Allstate said its Castle Key subsidiary had sent a letter Jan. 11 to the Florida Office of Insurance Regulation about dropping the coverage. The letter was marked […]
‘I can sleep tonight’: Ian survivors finding solutions at Insurance Villages (FL)
Throughout the week, insurance experts have been setting up shop at what they call “insurance villages” in Southwest Florida, designed specifically to help Hurricane Ian and Hurricane Nicole victims. Read the article………………………..
Fire, insurance put owners in tough spot
Q: We live in a townhouse. The unit attached to ours had a major fire. The fire also caused considerable damage to our home. We have been in temporary housing for the past 17 months waiting for our home to be restored. We have depleted our insurance allotment through our insurance company. Read the Q&A……………………………….
Condo owner denied insurance coverage for unit damage caused by sewer pipe burst in building
Q: I live in a highrise condo building. Recently, a sewer pipe burst outside my condo between units. The water caused a substantial amount of water damage to my kitchen and the floors in my unit. Read the Q&A……………………………….
More insurance companies pull out of Louisiana: ‘We are in a crisis’
Thousands of folks in the south no longer have home insurance because companies are leaving the area after years of devastating storms. Read the article………………………..
Colorado’s wildfire risk is so high some homeowners can’t get insured. The state may create last-resort coverage.
Some Colorado homeowners are telling state regulators and lawmakers that they can’t secure coverage for their homes because of rising wildfire risk Read the article………………………..
Policyholders, Agents Say United Leaving Ian Claims in Limbo (FL)
The Florida Legislature’s insurance rescue bill, approved last week, won’t take effect soon enough to help policyholders and insurance agents who’ve had no response from beleaguered United Property & Casualty Co. on Hurricane Ian claims. Read the article………………………..
Will property insurance rates go down? Answering questions after Legislature’s action (FL)
One of the unexpected changes in this year’s legislation was that every Citizens policyholder will be required to carry flood insurance by 2027. But what about policyholders in high-rise condominiums? Would someone on the 30th floor, for example, really have to get flood insurance?Sen. Jason Pizzo, D-Miami, said most residents in his coastal Broward and Miami-Dade county district live in […]
New flood insurance requirements can mandate coverage for homeowners (FL)
Several factors, including the number of properties with flood protection, affect FEMA’s rating system for each community, which can keep premiums down. “It encourages maximum coverage,” Calleros Gauger said. So, say, you’re living on the fifth floor of a condo. Do you need flood insurance? “But your condo (HOA) needs it, because it touches the […]
More Homeowners Getting Dropped by Insurance Companies Due to Wildfire Risk (CA)
Cynthia Marino and Dio Lokes are longtime neighbors in a condominium complex in Pomona. Their homeowners insurance company recently dropped them, and pointed to the hills that surround their condos, and said the fire risk is too high. Marino and Lokes said there haven’t been any nearby fires in years. Read the article………………………..
Can Florida Condo Insurance Exclude Water Damage?
From accidents to severe weather, condo insurance often covers many perils, including certain types of water damage. But homeowners might wonder, “Can Florida condo insurance exclude water damage?” In some cases, yes. Read the Q&A……………………………….
Why do I need condo insurance when insurance is covered in HOA dues?
As an insurance agent, I hear this question a lot. My reply is this: Yes, the condominium association has what they call a master condo policy that covers the interest of the condominium association, not the owner’s unit. What I mean by this is that the master policy does not cover the unit owners’ contents, […]
Florida condo owners brace for rising insurance rates
Many South Florida condo owners are getting a holiday surprise they weren’t expecting — paying more for insurance. It’s all part of the state’s insurance crisis that has hit homeowners all year. Read the article………………………..
Colorado wildfires are making it harder to insure homes. Could a publicly funded plan stave off an insurance crisis?
In the Pine Brook Hills subdivision north of Boulder, homeowners started reporting increasing insurance premiums about two years ago. Families who had bought insurance from the same company for 20 years or longer received notices that their carriers were going to drop them, said Kevin Smith, president of the Pine Brook Hills Homeowners Association. Read […]
Condominium Unit Owner Insurance (FL)
Do you think you do not need condominium insurance because your condominium association has it? You would be so very wrong if you do! It has happened more times than I can count Read the article………………………..
Property insurance costs skyrocketing in Florida as Hurricane Ian wreaks havoc
Hurricane Ian is expected to undermine the already precarious market for property insurance in Florida, supercharging premiums and exposing gaps in coverage. Why it matters: Ian’s trail of wreckage will inevitably trigger a host of insurance claims by homeowners, saddle those without flood coverage with devastating losses and bludgeon the strained finances of the state’s […]
Florida homeowner without insurance while trying to close previous mold claim
Palm Harbor homeowner whose insurance went into receivership this year is waiting for her homeowner’s association to help with mold claim Read the article………………………..
How Much Liability Insurance Can Co-op and Condo Boards Require? (NY)
Most New York City co-op and condo boards typically require shareholders and unit-owners to carry $300,000 to $500,000 in liability insurance, Jeffrey Schneider, president of Gotham Brokerage, tells Brick Underground. The cost is about $25 to $50 per year and is purchased as part of a comprehensive homeowners insurance policy. Read the article………………………..
RE Q&A: Should I Sue for My Condo Flood Damage?
Question: The apartment above ours had a flood caused by a faulty valve that damaged my apartment. I have a homeowner’s insurance policy, but my neighbor is uninsured. The condo says it has no responsibility. Should I sue my neighbor for damage to my apartment not covered by insurance? – Read the Q&A……………………………….
Pay closer attention to your condo homeowners insurance (HO-6) (VA)
Question: What is the difference between my individual condo insurance and the Association’s master insurance policy and do I need my own insurance? Read the Q&A……………………………….
Master policies at condos only cover exterior
Condominium associations provide master policy insurance coverage, but a master policy usually covers only the building’s exterior and common areas. To have coverage for what is inside your condo unit, an H06 insurance policy is usually recommended and, in most cases, required, especially if there is a mortgage on the property. Read the article………………………..
Answering The Most Asked Questions About Condo Insurance
As a condo owner, you may be wondering whether you need to purchase insurance for your unit. While your condominium association’s master policy will cover the building itself, it usually does not provide coverage for your personal belongings or liability coverage. That’s where condo insurance comes in – it can help protect you financially if […]
What Is Condo Insurance And Do You Need It?
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 Q&A: Ins and Outs of Insurance Coverage (FL)
Question: I am an owner of a condominium in Palm Beach County. There was recently a fire in an adjoining unit that caused damage to my unit. What is covered by my insurance policy versus the condominium’s insurance policy? Read the Q&A……………………………….
Condo Q&A: Ins and Outs of Insurance Coverage (FL)
Question: I am an owner of a condominium in Palm Beach County. There was recently a fire in an adjoining unit that caused damage to my unit. What is covered by my insurance policy versus the condominium’s insurance policy? Read the Q&A……………………………….
How to Avoid Common Insurance Problems in Your Condominium Bylaws (MI)
Condominium insurance for units and common elements within the condominium requires the coordination of two different types of insurance. The first type of insurance is the master condominium policy purchased by the condominium association, which is also known as a “CGL” or commercial general liability policy. The second type of insurance is the unit insurance […]
Florida receivership currently handling 8K claims, 2K lawsuits in homeowner insurance crisis
One Pinellas County woman discovered she had black mold growing in the walls of her new home, but when she contacted her homeowner’s insurance company, she felt like everyone was avoiding her. She later found out it was because her insurance company was was going into receivership. Read the entire article……………………………….
Real estate Q&A: Do I need individual condo insurance to get a home equity loan? (FL)
Q: Is it necessary to have a homeowners’ insurance policy for a condo if applying for a home equity loan? Unlike an individual house policy, don’t these policies only cover the owner’s personal property — what is “between the walls”? The general policy held by the HOA covers the building itself. Shouldn’t that be enough […]
Association Must Be Named in Declarations Pages of a Policy To Avoid Disagreements Later
Associations are sometimes not listed in the declaration pages of insurance policies. I have seen property management firms, program administrators and the wrong Association listed in the declaration pages of insurance policies. Read the entire article……………………………….
Understanding How Your Condominium Insurance Works—The Individual vs. Master Policy Coverages
A condominium can be defined as a single real estate unit in a multi-unit development in which a person has both separate ownership of a unit and a common interest, along with the development’s other owners, in the common areas.1 Insuring your condominium is often not so easy, especially since it usually requires that you […]
What Is Condo Insurance?
If you own a condominium, co-op, or townhouse unit, you may need to buy a condo insurance policy. Much like homeowners insurance, condo insurance can protect your dwelling, furniture, clothing, and valuables in the event of a covered peril or hazard. It can also protect your assets from liability claims and pay for temporary housing […]
Condo Insurance? Why Do I Need That?
If you own or are looking to own a condominium unit, you will find a requirement by the lender for you to purchase condominium insurance. Condominium insurance, or condo insurance, is required by the lender. It ensures that the inside of your unit will remain in the same condition as it is when the lender […]
Condo questions: What’s covered under HO-6 insurance and condo association master policy (FL)
Q: I am an owner in a condominium in Palm Beach County. There was recently a fire in an adjoining unit that caused damage to my unit. What is covered by my insurance policy versus the condominium’s insurance policy? Read the Q&A………………………………….
Horizon West owners denied by insurance, bills piling up (WI)
A home is more than concrete and beams, but the financial hit to Horizon West’s owners is making it hard to settle into new ones. In addition to new rent payments, the Hastreiters are still paying their Horizon West mortgage, among several other things. Read the entire article……………………………….
What Exactly Does Condo Association Insurance Cover and Do You Need Your Own Personal Policy?
Picking the right insurance policy as a homeowner can be daunting. Because certain policies offer certain things, it’s important to have a clear understanding of what type of coverage you need. If a person lives in an HOA community, especially for a condo, coverage can get tricky. Here’s what to know about the things a […]
Real Estate Matters: Relationship between condo fees and insurance
Q: You recently wrote a column about condominium building’s reserve funds. You failed to mention that condo special assessments are an insurable risk. I just increased my coverage from a limit of $1,000 to $50,000 for an extra $10 per year. You should mention this to your readers. Read the entire article……………………………….
Waukesha condo owners fear major losses if insurance doesn’t accept claims (WI)
People who live in the condo that was evacuated last week in Waukesha now say they are worried insurance may not cover all of their losses. Read the entire article……………………………….
What Is Loss Assessment Coverage?
Most people know they need homeowners insurance if they own a single-family home, but figuring out what kind of coverage a condo owner needs isn’t always straightforward. One of the lesser-known coverage types worth considering is loan assessment coverage. In this article, we’ll look at what this is, how it works, and when it makes […]
Condo risks in focus as A&E market tightens
Rising losses are causing underwriters to rethink the way they analyze architects and engineers professional liability risks, and the deadly collapse of a condominium building in south Florida earlier this year is raising further concerns. Read the entire article……………………………….
Your Condo Building Had a Fire: What Happens Next?
A fire in your building can be life-changing. If your unit was directly affected, you may be dealing with feelings of loss and trauma. Even if your unit is spared, you may still have to find somewhere else to live while the repairs take place – and that can take a very long time. Read […]
Shrinking Federal Subsidies Could Cause Flood Insurance Costs to Soar
Many of the people who own homes, including co-ops and condominiums, near New York City’s 500 miles of waterfront or in flood-prone inland areas just got some unwelcome news. Starting Oct. 1, federal subsidies for flood insurance will begin to disappear in a nationwide experiment to force Americans to pay something closer to the real […]
Don’t Get Sunk Without Sinkhole Insurance
Sinkholes typically take their time. It’s a gradual process that involves groundwater slowly dissolving the rock below the land surface until it eventually can no longer support the weight of the land surface, which causes the land surface to collapse and results in a depression or hole in the ground. Read the entire article……………………………….
Surfside Condo Survivors Want Reassurance They’ll Be Able to Collect (FL)
Survivors of the Surfside, Florida, condo collapse in June fear if they cash their checks early, they may not be able to collect on future insurance payments. This fear is tied to a legal a process called ‘subrogation’ in which insurers can stop future payments to policyholders to reimburse themselves for losses. Families and the […]