Florida Law Requires Loss Assessment Coverage for Condominium Unit Owner Policies
Most condo HOAs have a master insurance policy that covers shared areas on the property in case of damage or liability. Like any policy, though, the master policy has limits and deductibles, and if damage to a common area exceeds the limit or falls
Latest from Condominium Insurance Law
Can Associations Require Their Unit Owners To Carry Property Insurance?
Can an HOA Require Homeowners Insurance?
The short answer to this question is yes, HOAs can require individual property owners to have homeowners insurance as long as the Declarations of the HOA address it. This blog answers some common questions about HOA insurance requirements and examines a particular case from Florida where an HOA took
Beware of Claims Deadlines! Florida Condominiums Have Supplemental and Reopened Claims Statute Deadlines
Florida is the only state to address and provide a statutory definition for a “re-opened claim” or a “supplemental claim.” Florida’s law is not a consumer protection law. Instead, it is an insurance company protection law. The current edition of Florida’s Supplemental and Reopened claims law reads as follows:
Colorado’s FAIR Plan Expands Safety Net for At-Risk Properties
As Merlin attorney Jonathan Bukowski previously discussed, the Colorado Common Interest Ownership Act (CCIOA) sets forth specific minimum insurance requirements for common interest communities, such as condominiums and homeowners associations (HOAs). These requirements are designed to ensure that common elements and, in some cases, individual units are adequately insured.
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
Is Deductible Buy-Down Insurance A Wise Choice For Condominiums? A Basic Guide For Association Boards and Property Managers
Deductible buy-down insurance, also referred to as buyback deductible insurance, is designed to reduce the deductible that an insured party would have to pay in the event of a claim. It operates on a simple principle: by purchasing a deductible buy-down policy or endorsement, the insured party can reduce or even eliminate the deductible that
Florida Condo Associations: Dodging Floods and Drowning in Premiums?
Well, folks, another hurricane season in Florida has come and gone, leaving us with nothing but a collective sigh of relief and the looming specter of potential disaster. In the spirit of commemorating the official end of hurricane season, I urge you to take a moment to reflect on your condo association’s insurance choices. Because
Condominium Associations Need to Cooperate and Provide Information to Move Along a Property Insurance Claim
Most property insurance companies take too long to investigate, request far too many documents, and delay analyzing the documents after they obtain them so that months pass before a decision is made on the property loss. This is not proper and not in the spirit of good faith claims service all condominiums are promised and
Tips For Association Leaders Purchasing Fidelity, Employee Dishonesty, and Crime Insurance for Condominium Associations
As an attorney who has represented hundreds of condominium associations following losses, I understand the importance of having the right insurance policies in place to protect your association’s assets and financial well-being. Fidelity, Employee Dishonesty, and Crime Insurance are crucial components of a comprehensive insurance plan for condominium associations. Yet, it is a very complex
Understanding a Liability Insurance Carrier’s Duty to Defend
When a condominium association finds itself defending a claim asserted by a unit owner, it is imperative to understand what is the association’s liability insurance carrier’s duty to defend the claim.