Types of Condo Association Insurance

What kind of insurance does my Condo Association Need?

Have you recently been elected to a Condo Association Board or currently serve on a condo board? You may find that insurance is one of the biggest line items on your annual budget, and that there are quite a few different kinds of insurance your Condo Association pays for.

We strongly recommend that you contact us to schedule a free, independent review of the insurance policies carried by your Condo Association. We have been able to help many clients significantly reduce the insurance expense for their condo while providing identical or superior insurance coverage.

Who is managing the risk for your Condo Association?

If you only see your insurance agent when it's time to collect a check, you may be missing important coverage or paying too much. You want an insurance agent who is a specialist in condo association insurance, who knows market and insurance company trends as well as the details of coverages to better protect your Condo Association. Every year things change, and if your agent is not a specialist, you and your association could have gaps in coverage and be paying too much.

Is your agent a partner in managing your claims?

Another trend in today's insurance market is for agents to shift claims straight to the insurance carrier. The insurance carrier hires third party adjusters for their claims, and those adjusters are looking out for the interest of the company that hired them. With Mitchell Noel as your independent insurance agency, we are your advocate on all claims to help your association manage the claim from beginning to end.

Does your agent do an exposure and GAP analysis every year?

Every year, there are multiple changes in regulations and in specifics of your Condo Association's insurance coverage. They can be small changes that have little effect on your coverage, or big changes that can have a large effect. Every year, your agent should do an exposure analysis and risk management review of your association.

Are you in compliance with Florida Statutes related to your insurance?

Every year the Florida Legislature makes updates and changes to Florida Statutes 718 & 720. Does your agent review the changes made to the insurance sections of these statutes? Does your agent make sure you are in compliance with Florida Statutes?

Insurance for your Condominium

Property Insurance

This covers your condominium buildings and facilities, which is a requirement under Florida statute. Read more about property insurance for your condo.

General Liability Insurance

This covers your Condo Association in case of a frivolous or legitimate lawsuit arising from an injury. Read more about general liability insurance for your condo.

Flood Insurance

Flood insurance is constantly changing with new fees and requirements. You need to have your policies reviewed regularly because there may be better options available. Read more about flood insurance for your condo.

Umbrella Coverage

An umbrella policy provides added coverage and protection from a large loss that pierces the coverage of your General Liability or Directors and Officers policies. Read more about umbrella coverage for your condominium.

Insurance For Employees and Board Members

Director and Officers Insurance

This covers Condo Association Board members - without this kind of insurance, a board member can be personally sued for alleged wrongful actions as a board member and your personal assets can be at risk. Read more about Director and Officers insurance for your board members.

Crime / Fidelity Bond

A Crime Bond covers the associations funds, which is required coverage by Florida statute. Read more about a crime/fidelity bond to protect your Condo Association's assets.

Workers Compensation

This insurance covers your employees, independent contractors and volunteers who get injured on the job. Read more about workers compensation coverage to protect your condominium.

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