Becker & Poliakoff

The Current Crisis with Florida’s Real Property Insurance with Andrea Northrup, Vice President of Insurance Office of America (Part 2)

The Current Crisis with Florida’s Real Property Insurance with Andrea Northrup, Vice President of Insurance Office of America (Part 2)

For more episodes of Take It To The Board, click here!

Florida’s current property insurance industry is in crisis, and it’s one that has been years in the making. Private insurers are exiting the state at alarming numbers and Citizens is once again becoming the only option for many community associations.

In Part 2 of this podcast episode, 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 growing  perils and pitfalls of real property insurance for Florida associations and their owners.. (Make sure you click here to listen to part 1 first!)

Highlights for Part 2 include:

  • What is umbrella coverage and is it recommended?
  • Will Self Insurance Funds (SIFs) make a comeback?
  • How much coverage is needed for extreme weather events?
  • What is the difference between “suability” and “liability” when it comes to association employees working directly for the residents?
  • Does an association need insurance for private events held in common areas, such as a clubhouse?
  • Fidelity bonding. What is it and who needs it?
  • Payment and performance bonds. Better to have them when you don’t need them, than to not have them when you do.
  • Why are some associations not pursuing insurance claims?
  • What role does an independent adjuster play?
  • What advantages are there to unit owners having their own interior coverage?
  • What is subrogation?
  • How will this insurance crisis affect Florida’s economy as a whole?
  • How can things turn around? Is there one clear answer?


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!

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