E/G of Florida: Relationships in Condo Association Insurance
At E/G of Florida Insurance and Risk Management, our relationships within the insurance industry are deep and far reaching. Those longstanding connections provide us with access to many markets other agencies aren't affiliated with. We can deliver quotes and write policies on a variety of hard-to-place risks. One such insurance type that falls into this category is condo association coverage.
What is a Condominium?
Condominiums represent unique living arrangements wherein apartment-like units are sold to individual buyers. Each individual buyer in a complex owns his/her unit. This arrangement is in contrast to that of an apartmentcomplex, where occupants rent individual units without ownership rights.
Also in contrast to apartment complexes, the entire condominium complex is owned jointly by individual owners through that condominium's "association." This means that, along with the individually owned properties within a complex, there are also several jointly owned, common areas. The existence of such areas is a primary reason condominium associations need association insurance.
Why Florida Condominium Association Insurance? What is It?
When a group of people forms a condominium association, one of the most crucial orders of business--besides buying property--is procuring proper insurance protection. Such insurance shields the association against lawsuits and disasters that damage any common areas. Typical condo association insurance also provides certain coverages for the association's board of directors and officers against claims of mismanagement, etc.
Who, you might wonder, would sue a condominium complex? Suppose a unit owner or an outside party visiting the complex slips and falls in a recently-mopped common area that wasn't marked with a 'Wet Floor' sign. The injured party might view these or similar circumstances as grounds to sue.
Generally speaking, individual owners are responsible for insuring the insides of their units and all the contents, too. With most associations, unit owners are also responsible for carrying liability coverage for any lawsuits arising from accidents occurring within a unit.
However, condo boards can structure association policies as they see fit, so long as coverages meet the requirements of applicable state and local laws. This is why some complexes might extend a degree of coverage into each unit, while others offer none and so forth. To a degree, since a condo association is largely comprised of the individual unit owners, these owners largely govern and guide association policy on insurance coverage and other matters.
The most common types of condo association coverage include the following:
Florida Condo Association Property Insurance
This portion of a condo association policy covers that physical value (as opposed to the market value) of all complex buildings, along with other, miscellaneous structures and contents. Property coverage shields the complex against:
- Water damage (excluding flooding events)
- Hurricanes and other storms
With the increase in hurricanes and related damage over the last several decades, Florida property coverage premiums have risen enormously for condo associations. Not to worry-E/G of Florida can shop multiple carriers, with access to multiple insurance options to meet the needs of every situation and circumstance.
Florida Condominium Association Insurance Liability Coverage
The liability portion of a condo association policy protects the association from claims of personal injury or property damage arising from accidents or other incident's in the complex's common areas.
Florida Condo Association Directors & Officers Insurance
This coverage type provides protection for the association's current or former board members and officers against negligence, errors or omissions, including:
- Inadequate maintenance of association books or records
- Insufficient enforcement of association rules and regulations
- Breach of contract
Florida Condominium Association Insurance Casualty Coverage
This type of coverage protects the association against accidents and other misfortunes and mishaps. Covered incidents include:
Florida Condo Association Insurance Umbrella Coverage
As unpleasant as it might be to consider, the simple truth is that standard condo association insurance might not be enough to protect against a large claim. Such a situation could be exacerbated if your association faced multiple claims at once. What's the answer? Condo association umbrella insurance.
As with personal or business umbrella insurance, a condo association umbrella policy starts paying once standard coverages reach their limits. Umbrella policies offer multiple supplemental coverages, including some that might be excluded from standard insurance.
Rely on the Insurance Pros at E/G of Florida for Your Condo Association Insurance Needs
Our professional agents are property insurance experts and will work closely with your association to make sure you understand all your coverage options. We'll also work with you to get the property inspected, which will help determine your coverage needs, while revealing any areas that can be improved and any that might qualify the complex for discounts.
For a Free Quote on Condo Association Insurance in Florida, Contact E/G of Florida Insurance Agency
E/G of Florida Insurance and Risk Management is built on partnerships in coverage. If you're ready to partner with a Florida business insurance agency that puts your association's interests first, E/G of Florida today at 954-565-3939. Or for a free online quote on condo association insurance, fill out the form on the E/G of Florida Contact Page.