Florida’s current property insurance is in crisis, and it’s one that has been years in the making. The pendulum has swung in a direction that is not advantageous for homeowners’ associations, and many may be faced with difficult decisions.
Host Donna DiMaggio Berger and Andrea Northrup, Vice President and partner at Insurance Office of America, Florida’s largest privately held insurance agency, discuss the current perils and pitfalls of real property insurance for condominiums and planned unit developments. Andrea is also a member of the Real Property Insurance Committee and the Condominium and Planned Unit Development Committee of the Real Property, Probate and Trust Law Section of the Florida Bar.
- Is Florida’s legislature addressing the crisis?
- What factors should a board take into account when making a decision about property insurance?
- What options are left when an insurance carrier becomes insolvent?
- In terms of insurance, is Florida in a good position, with hurricane season right around the corner
- How do supply chain issues and labor costs affect the appraisal requirements for necessary placements, such as windows?
- What insurance benefits are available when only part of a building is damaged?
- What updates or additions to the building are included in the appraisals? If the insurer is not notified, how does that play out when damage does occur?
- How do appraisals, maintenance records, mortgage value, and even minutes of board meetings factor into lending? What about the proximity to the ocean?
- Where do workers comp claims fit into a general liability policy? What’s the difference between “suability” and “liability,” and who pays for the defense?
- What is additional insurance, and what value does it have?
About Take It to the Board
Think you know what community association life is all about? Think again. Residents must obey the rules, directors must follow the law, and managers must keep it all running smoothly. Take It to the Board explores the reality of life in a condominium, cooperative or homeowners’ association, what’s really involved in serving on its board, and how to maintain that ever-so-delicate balance of being legally compliant and community spirited. Leading community association attorney Donna DiMaggio Berger acknowledges the balancing act without losing her sense of humor as she talks with a variety of association leaders, experts, and vendors about the challenges and benefits of the community association lifestyle.
If you’ve got a question, Take It To The Board with Donna DiMaggio Berger – We Speak Condo & HOA!