Condo Association Insurance Florida

We have an Insurance package policy with Wind for Smaller Size Condo Association in Florida, up to $10 Million in Replacement Cost, with recent upgrades to Roofing, Plumbing, Electrical and HVAC.

We welcome an opportunity to provide your Condo Association an Insurance package policy quote tailored specifically to your Association insurance needs. Our Policies are underwriting by trusted and reliable Insurance companies, ensuring that in the event of a loss,

• Claims are processed promptly.
• Your property is restored to its pre-loss condition.
• Your Association is protected from unexpected financial strain.

Why Annual Policy review Matter:

It is essential to review your master insurance policy annually to ensure your coverage remains adequate and cost-effective. Reviewing your master policy helps you compliant with your association’s governing documents, and also supports:

• Annual budgeting,
• Unit Owner satisfaction by keeping insurance costs under control.

What is Condo Association Insurance Florida Policy?

Condo Association insurance is a specialized policy created by insurance companies to protect the real property owned by to the Association, including common area, against KEY covered Perils including:

• Named hurricane.
• Water damage.
• High Winds..
• Fire.
• Vandalism and Theft.

In addition to property coverage, this policy also safeguards the Association against potential legal liabilities from: 

• Third-party visitor injured on the property. 
• Unit owners pursuing legal action  due to negligence or mismanagement.

What does a condo association insurance policy cover in Florida:

• Condo Association Building | Common Area – This insurance policy provide coverage for the condominium building and all common areas, including hallways, lobbies, recreational facilities, and exterior structures. it protect against such as fire, water damage, hurricanes, tropical storm, vandalism, and theft. A professional appraisal should be conducted periodically to ensure the amount of coverage remains accurate at %100 replacement.
• Crime – This policy covers theft or disappearance of association funds, committed by the property manager, employees, or volunteers working on behalf of the association.
• General Liability – The policy covers your association against legal liability claim resulting from bodily injury or property damage. This includes incidents such as slip and fall accidents, breach of contract, negligence, and any accident provoked by the association employees, property manager, and volunteers.
• Commercial Umbrella Liability – This policy provides excess liability coverage over and above the underlying general liability policy. Also, the commercial umbrella policy overlays the directors & officers, commercial vans, and workers’ compensation policies.
• Directors and Officers (D&O) Liability – This mandatory line of coverage is enforced by the State of Florida under Florida Status 723.078. This policy serves to protect all board members, volunteers, and property managers in case they are sued for wrongful acts, filed by unit Owners or contractors for the cause of mismanagement, breach of duty, failure to comply with regulations, and negligence.
• Equipment Breakdown – It covers the building mechanical and electrical equipment such as a boiler, air conditioning unit, elevators, phone system, and any other equipment which are used in the service of the association.
• Building Glass – it covers the common area glasses, windows and balcony railings, against perils such as high winds and hurricane damages. This type of coverage has a separate deductible, typically about $100.00 per claim.
• Hurricane & Windstorm – This policy is necessary for Florida, it does cover the association building against natural disasters for perils such as named hurricanes or tropical storms.
• Commercial Flood – covers damages caused by rising water caused by flooding to your building due to severe rain, driven wind or hurricane. The flood insurance policy encompasses the association common area.
• Outdoor Properties – this policy coverage is necessary to the association’s outdoor properties such as swimming pool, boat docks, entrance gates, light poles, signage, and guardhouse.
• Workers Compensation – This policy covers your employees and volunteers working on behalf of the association. Policy covers medical expenses and loss of income resulting from work-related injuries sustained on the premises during working hours.

Legal Guide to know about Condo Association Insurance Florida requirement:

In Florida, condominium associations are typically governed by a board of directors composed of unit owners. These board members are responsible for the management of the association, which can expose association to various forms of liability, whether due to actions taken by the board, property managers or volunteers. Such a statutory liability action consists of:

• Contractual obligations to outside vendors, contractors, or service providers.
• Negligence caused by the property manager, may be held liable for acts of negligence.
• Intentional wrongful act performed by any person acting on behalf of the association, may expose the association to legal action if they engage in wrongful acts such as discrimination, harassment, or abuse of authority.

What we can do for your condo association insurance Florida?

G. Zein Insurance Services has specialized in condominium association Insurance since 1987. We have helped many condominium association like yours across Florid save an average of 10% to 15% upon policy renewal. But our support goes beyond just savings:

• Expert Claim Management – Mitigate any potential claim from the time of a loss until the claim is fully settled and closed. This ensures that any issues are handled professionally, minimizing the risk of disputes, delays and or unnecessary costs.
• Premium Finance Options – We help you obtain low-interest financing with flexible monthly payment options, making it easier to manage your budget.
• Affordable Property Inspections – Assist in providing lower-cost property inspections for insurance purposes. We ensure they are performed efficiently and at a reduced cost.
• Timely Insurance Certificates – provide insurance certificates when it is required by mortgage companies, ensuring that your condo association meets all the necessary requirements for financing.

8 Key Underwriting Factors affecting Condo Association insurance costs in Florida:

1. Increase the policy deductible to save additional premium.
2. Keep property dry and clean to prevent any slip-and- fall incidents.
3. Hire on-site security guard to monitor the property on 24 hours basis.
4. Inspect the property daily, and make any necessary repairs the same day if needed.
5. Hire a lifeguard to monitor the swimming pool area during allowable swimming time.
6. Provide proof of property upgrades such as roof, plumbing, electrical, and Air conditioning.
7. Install surveillance cameras around the building to monitor and minimize any frivolous liability claims on your property.
8. Additional discount for having 3 years claim-free, this is a strong indicator to insurance companies that you are managing your property effectively.

Call us today for a Condo Association Insurance Florida Review.

To find out how much it cost you to insure your condominium association in Florida, feel free to call us today at (954) 454-9599 , to schedule an appointment to meet or a review of your current policy.

ALL INQUIRIES ARE WELCOME.