Key Takeaways:
- Be sure to have your policies on hand and review the details to understand what exposure you have to wind and hurricane damage
- Check FEMA’s flood maps to see if you’re in a high-risk zone and ensure you have adequate coverage
- Once it is safe to do so, take photos of damage to keep on file and submit with your claim
What are some general tips to review my policies and prepare before storm season?
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Be sure to have printed policies on hand with contact info of your respective carriers so you can promptly notify them of any damage and potential claims.
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Maintain up-to-date inventory on association-owned property and building contents to ensure everything that should be covered is accounted for.
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Review policies to gain a full understanding of your exposure and consult your agent for help with this.
What wind and hurricane coverage do I have in my condo’s master property policy?
You most likely have a specific percentage-based deductible for wind and hurricane events. This is commonly anywhere from 5% to as low as 2% in current FL market conditions.
If you have a 5% wind and hurricane deductible and an association building is insured for $100,000, then the association is responsible for covering the first $5,000 in damages. The carrier would cover everything past that.
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Why Is a Per Calendar Year Hurricane Deductible Important?
Identify if you have a per calendar year or per occurrence deductible for wind and hurricanes. Per calendar year is ideal as it means you’ll have only one deductible for the entire hurricane season, and not a deductible to meet for each individual hurricane or wind event.
Check to see if you have full limits or a specific sub-limit for wind and hurricane related damage.
Is my association in a high-risk or low-risk zone on FEMA’s flood maps?
Search your association’s address in FEMA’s flood map tool to identify what zone you are in. If you sit in a high-risk flood zone, lenders may require unit owners with mortgages to carry flood insurance.
Should I take pictures of damage to submit with a claim?
Yes, providing your own proof of the damage and its severity will help ensure a smooth claims process. Keep tabs of everything throughout the process including photos, email correspondence, receipts for emergency repairs, repair estimates, etc.
Learn More About Hurricane Preparedness for Community Associations
Campbell Property Management regularly hosts educational webinars focused on hurricanes, storm recovery, and insurance for Florida condominium and HOA boards. Visit CampbellEvents.org to explore our upcoming Hurricane Preparedness CEU Course in June, and other educational opportunities.
Your local Community Insurance Experts are here to help!
Our team at Community Insurance Experts specializes in working with Florida community associations on their insurance, and we are happy to help provide advice and guidance on these items or any others your association may be facing.
Community Insurance Experts is a Florida commercial insurance agency dedicated to serving community associations across the state. They provide a comprehensive range of coverage options tailored to meet your community's needs, including property, general liability, directors and officers, crime, umbrella, workers compensation, and more.