Call Us (561) 994-0880 ☰ ˟
(561) 994-0880 info@parkassociates.com
Park & Associates
Client Portal  Request a Quote
  • HOME
  • Get a Quote
    • Business & CommercialImage of right arrow
      • Business Quote Request
      • Cyber Liability Quote Form
      • EPLI Insurance Quote Form
      • Professional Liability Quote Form
    • Association InsuranceImage of right arrow
      • Commercial Real Estate Insurance Quote
    • Preschool InsuranceImage of right arrow
      • Preschool Insurance Quote
    • Contractor InsuranceImage of right arrow
      • Contractors Insurance Quote
    • Auto InsuranceImage of right arrow
      • Auto Quote Request
    • Homeowners InsuranceImage of right arrow
      • Home Quote Request
      • QuoteRush for Home Insurance
    • Flood InsuranceImage of right arrow
      • Flood Quote
    • Umbrella InsuranceImage of right arrow
      • Umbrella Insurance Quote Form
  • ABOUT US
    • About Us
    • Employee Directory
    • Location Map
    • Privacy Policy
    • Testimonials
    • Giving BackImage of right arrow
      • The MSA Coalition
    • Letter of recommendation
  • CUSTOMER SERVICE
    • Client Portal
    • File a Claim
    • Request Declaration and Coverages
    • Request ID Card for Auto Policy
    • Request Proof of Insurance
  • MAKE A PAYMENT
  • RESOURCES
    • View our Blog
    • Insurance Glossary
    • Newsletter Archive
    • Refer a Friend
    • Request A Quote
    • Proof Of Insurance
  • CONTACT
    • Contact Us
    • Join Our Blog
    • Join Our TeamImage of right arrow
      • Join Our Team
Association Insurance Icon Business Insurance Commercial Real Estate Insurance Icon Association Insurance
Preschool Insurance Icon Preschool Insurance
Contractor Insurance Icon Contractor Insurance
Homeowners & Car Insurance Icon Automobile Insurance Flood & Umbrella Insurance Icon Homeowners Insurance 
Home > Blog > Insurance In Condominium And Homeowner’s Associations
THURSDAY, AUGUST 2, 2018

Insurance In Condominium And Homeowner’s Associations

Condo Board

Living in a condominium or planned unit development is all about sharing. The insurance expense is one of the common items shared by all unit owners. What does insurance for the association cover?

The insurance typically includes four coverage parts, some of which will be more important to you than others. Here is the rundown on these coverages and how they can affect you and your family.

Property Insurance

If you live in South Florida, this is very important coverage. It provides coverage to the structure for windstorm (hurricane), fire, water damage, theft and other specific perils. However, you are responsible to secure the coverage for your contents, and the interior of your unit if you are a condominium unit owner.

How does this affect you? If the association is not properly insured, it can assess the unit owners to pay for the repairs.

Liability Insurance

This is also a major part of the association insurance program. It provides insurance coverage for accidents or injuries that occur on common property. For example, if a slip and fall accident occurs, it would provide coverage for the defense and any award up to the policy limit.

No coverage or not enough coverage could also result in an assessment to the unit owners.

Directors & Officers Insurance

This coverage protects the association’s directors and officers, and some others depending on the policy definitions, from lawsuits they may face while performing their duties. This could include filing complaints or even defending vendor complaints or lawsuits.

This may not seem like it affects you, but a special assessment could result from a lawsuit that gets out of control.

Employee Dishonesty

Fidelity bonding is required by Florida statute for both condominium and homeowner associations. This protection is for theft of association funds. It is protecting your money that has been paid to the association including any reserves, CD’s, etc.

In addition to the above coverages, your association should also consider flood, umbrella, cyber liability, environmental impairment liability and workers compensation.

Remember, it is in your best interest for your community, to remain safe and solvent.

If you have any questions on coverage, be sure to contact Park & Associates.

Posted 12:00 PM

Tags: condo association insurance, park and associates
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017

  • park and associates(28)
  • coverage(14)
  • business insurance(12)
  • insurance(11)
  • home insurance(9)
  • protection(7)
  • auto insurance(5)
  • car insurance(5)
  • commercial property insurance(3)
  • community association(2)
  • epli(2)
  • crime coverage(2)
  • park & associates(2)
  • cyber liability insurance(2)
  • workers compensation insurance(2)
  • condo association insurance(2)
  • homeowners(2)
  • building ordinance & law coverage insurance association(2)
  • general liability insurance(2)
  • renters insurance(2)
  • homeowners association insurance responsibilities(2)
  • 2020 covid-19 insurance high premium cyber attacks and insurance(1)
  • insurance rates high; florida; homeowners rates(1)
  • how to calculate business income property insurance(1)
  • hurricane tips florida storm(1)
  • workers compensation(1)
  • insurance is intangible(1)
  • property owners insurance coverage needed building ordinance or law(1)
  • why buy flood insurance(1)
  • personally identifiable information(1)
  • environmental impairment liability insurance pollution(1)
  • employeer liability(1)
  • valentines day(1)
  • texting(1)
  • reading(1)
  • professional(1)
  • financial(1)
  • how insurance companies determine your premium for your home property(1)
  • holiday season hazards fire cooking christmas lights(1)
  • business income property insurance(1)
  • sole proprietor(1)
  • employee accident(1)
  • jewelry(1)
  • commercial auto insurance(1)
  • extortion ransomware association cyber liability insurance(1)
  • association insurance high premium(1)
  • swimming pool(1)
  • insurance disclosure information risk exposures(1)
  • bop(1)
  • risks(1)

View Mobile Version
Park & Associates
Quick Links
Home Our Products Customer Service Make A Payment Report a Claim
About Us Refer A Friend Our Carriers Blog Contact Us
Location
5255 N Federal Hwy.
Suite 200
Boca Raton, Fl 33487

Phone: (561) 994-0880
Fax: (561) 994-1740
Email Us

TrustedChoice   FAIA
Facebook Twitter
Licensed In The Following States: Florida
Please Read Our Privacy Policy
Copyright © 2022 Park & Associates, Inc.
All Rights Reserved.


Powered by Insurance Website Builder