Condominium and Homeowners Association Insurance
Florida Condominium and Homeowners Association Insurance
Having an agent that is experienced in the dynamics of Florida condominium association’s and HOA insurance is the first step in protecting your association’s assets. Lott & Gaylor Insurance has been insuring condo associations for over 30 years and we understand that both coverage and cost matter.
Because of their unique legal structure, Associations need special insurance forms to cover both Property and Liability risks. During your annual review, the key to covering both risks properly is to carefully study the association by-laws and other organizational documents. With recent changes in Florida Statute ( § Chapter 718) governing condo association insurance, it’s important that the board know their rights and obligations.
In addition to the property and general liability coverage, the association’s directors and officers are exposed to being sued by others for their activities managing the association’s business – “D&O” coverage can (and should) be in place to protect the personal finances of these individuals. If the association is also an employer (maintenance, security, etc.), then Employment Practices Liability and Workers Compensation is recommended and should be considered.
We also recommend that there be clear communication between the condo association, HOA’s and its unit-owners about the respective responsibilities for coverage and the of arrangement of insurance. We can help you draft an explanatory memo for your unit-owners (and can also provide unit-owners’ insurance quotes, on request). Further we do work with many condo association and property managers to make sure that every need is being met to your highest expectation.
Coverages Available
- General Liability
- Property
- Directors & Officers
- Crime (Employee Dishonesty)
- Workers Compensation
- Liquor Liability
- Excess Liability & Umbrella
- Employment Practices Liability
- Hired & Non-Owned Auto Liability
- Ordinance & Law
- Residential and Commercial Associations
- Flood & Excess Flood
Eligible Classes:
- Condominium Associations
- Homeowners Associations (HOAs)
- Planned Unit Developments(PUDs)
- Townhome Associations
- Cooperatives
- Master Associations
- Property Owners Associations
Special Features Available:
- Defense Costs Outside the Limits
- Real Estate Manager Coverage (CAM)
- Aggregates per Location
- $1MM to $100MM Limits Available
- “Green” Credits Available
A Brief Guide To Condo Insurance
Important items to consider when purchasing condo insurance.
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