Association Insurance in Boca Raton, FL

Boca Raton, Delray Beach, Boynton Beach, Palm Beach, Martin, Dade, Saint Lucie, Broward County & the surrounding areas

At Park & Associates we believe that your association is not just where you live, but it is your home, and we treat it as such. We take a comprehensive look at your risks and tailor solutions specifically to fit the needs of your association. Let us protect your association while you enjoy the lifestyle it affords. Fill out the form or upload your current insurance and association documents using the links below. One of our insurance agents will reach back out within 24 hours to discuss a potential partnership!

What Does Association Insurance Cover in Florida?

Association insurance, often called HOA or condo association insurance, is designed to cover the shared property and interests of your community. In Florida, these policies typically include:

• Property coverage for common areas such as clubhouses, pools, roofs, and exterior walls from damage caused by fire, storms, vandalism and other covered events.
• General liability covers legal expenses and damages if someone is injured in a common area or if the association is found liable for property damage.
• Directors and officers (D&O) liability covers board members and association leaders from personal liability related to decisions made on behalf of the association.
• Crime and fidelity coverage for losses from theft or fraud by employees or board members.

Do HOAs in Boca Raton Need Flood Insurance?

Florida’s climate and geography make flood risk a serious concern, especially in coastal areas. While standard association insurance policies may cover water damage from burst pipes or rain, they typically do not include flood damage caused by rising water or storm surge.

HOAs and condo associations in Boca Raton should strongly consider a separate flood insurance policy. In some cases, flood insurance may be required by lenders or local regulations, especially if your property is in a designated flood zone.

Why Buy Association Insurance?

While each homeowner or unit owner is required to carry their own insurance policy, there are still significant gaps not addressed by these policies that leave the association and its residents at risk for loss. That is why we recommend working with an agent who will represent you to the marketplace in order to secure the best insurance terms possible. Luckily for you, that is exactly what we do at Park & Associates!

What is at Risk?

Think about the potential property your association is responsible for – buildings, general grounds, swimming pools, parking areas, tennis courts, etc. The list can go on and on! The bylaws of the association will specify what is owned by the association and how it must be insured. Let us review your bylaws to determine the best course of action.

From a Crime perspective, employee dishonesty in the handling of association funds is your biggest exposure. Let us talk to you about risk control measures along with insurance options to enhance your protection.

There is also a premises liability exposure coming from the use of communal areas the association is responsible for maintaining. All buildings should meet life safety codes regarding smoke and fire detection, fire extinguishers, and carbon monoxide detectors. To prevent slips and falls, all premises must be well maintained. Association common property such as parking lots and sidewalks need to be in good condition, generally level and free of exposure to slips and falls. Swimming pools, exercise facilities, and playgrounds should be limited to members and their guests and properly maintained to minimize risk.

Minimum recommended coverages for your association:

• Building
• Business Personal Property
• Employee Dishonesty
• General Liability
• Directors and Officers Liability
• Umbrella
• Hired and Non-owned Auto
• Flood
• Environmental Liability
• Cyber Liability
• Equipment Breakdown
• Workers Compensation
• Legal Defence

Call Park & Associates Insurance today at (561) 994-0880 or fill out an online quote now. We pride ourselves on getting you the coverage you need at a price you can afford.
Reach out today to see what we can do for you!