R.V. Johnson Insurance Call us at 772.287.3366
Contact Us
Stuart: 772.287.3366
Tequesta: 561.745.8894

Contact Us



CondoDid you know, according to the Community Association Institute, the number of community associations in the U.S., including homeowners associations, condo communities and cooperatives, grew from approximately 222,500 in 2000 to 333,600 in 2014, with condo communities representing up to 45%. Here are more facts about condo insurance.
  1. The condominium association owns and insures the outside structure of the condominium building. The condominium master policy agreement (bylaws) stipulates what part of the structure is owned and insured by the association and what part makes up the individual’s unit that the unit owner is responsible for insuring. For instance, the bylaws may stipulate the unit owner is responsible for everything on the inside of the drywall. —Terry McConnell, vice president, Personal Lines Underwriting at Erie Insurance
  2. There is no standardization of master policy language so it’s vital to understand the specific agreement in order to know what the unit owner’s insurable interest is in the condominium unit. To complicate matters, some states have enacted Condominium Acts which supersede the master policy agreement and stipulates insurable interests for the association and unit owners. A unit owner should look for a policy that offers coverage for personal property, real property/building additions and alterations, personal liability and loss assessment. —Terry McConnell, vice president, Personal Lines Underwriting at Erie Insurance
  3. Over the years, condominium owners associations have been moving toward policies that provide less coverage for a lower cost. This shifts more of the responsibility for loss or damage to the unit owners and the loss assessment coverage in their policies. —Pete Ducich, senior director, Personal Lines for Farmers Insurance
  4. Reviewing the Unit Owner’s Building Property coverage in their policy with their agent is also a good idea to assure that individual unit owners have a clearer understanding of the coverage they may need in the event of a loss. —Pete Ducich, senior director, Personal Lines for Farmers Insurance
  5. In New York City, some carriers are still treating parts of Manhattan as coastal property and won’t write in certain areas near water. Company inspections continue to be an issue for insureds and brokers. And some carriers no longer write condo buildings that have bars or restaurants because of what they perceive as added exposure to the property or their liability. —Leslie Rogoff, marketing manager at Madison Avenue Brokerage and a director for Professional Insurance Agents of New York State
  6. Many times, unit owners do not understand the interaction between their individual policies and the master policy. One area where this comes into play is in coverage for loss assessments. Condo owners should understand what their obligations are in the event of losses to common property. That way, they can work with their insurance professional to ensure adequate coverage.

Florida Condo's Associations

  1. Some 66.7 million people lived in common-interest communities, including homeowners associations, condo communities and cooperatives, in the U.S. in 2014. States with the most associations are Florida (47,100), California (43,300), Texas (19,400) and Illinois (18,150). —Community Association Institute
  2. In Florida, Citizens Property Insurance Corp. plays a critical role insuring condos, most notably older units concentrated close to the water, but Florida’s private insurance market is increasingly robust. —John Rollins, chief risk officer, Citizens Property Insurance Corp.
  3. Citizens Property in Florida continues to propose modest rate increases for condo unit-owners (HO-6) policies under a legislative mandate capping annual increases at 10%. This is due to historical inadequacies that need to be addressed for several years to come. —John Rollins, chief risk officer, Citizens Property Insurance Corp.
(Source: MyNewMarkets.com)
Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive

View Mobile Version
content bottom

Quick Links

Our Carriers Our Company Services Contact Us More Help
Auto Owners Insurance
Safeco Insurance
Blue Cross Blue Shield
Frontline Insurance
Federated National
FCCI Insurance Group
Universal Property & Casualty Insurance Co.
Old Dominion Insurance Company
Tower Hill Insurance
Phildaelphia Insurance Companies
Bankers Insurance Group
Montgomery Insurance
UPC Insurance
Who We Are
File A Claim
Get A Quote
Insurance Types
Send A Message
Frequently Asked Questions
GET SOCIAL WITH US Facebook Twitter LinkedIn YouTube Blog RSS Feed Stuart Office on Google+ Tequesta Office on Google+
R.V. Johnson Insurance
2041 E. Ocean Blvd. Stuart, FL 34996 | Ph: 772-287-3366 Fx: 772-287-4439 TF: 800-273-9800 | Hours: M-F 8am-4.30pm
400 N. Cypress Drive, Ste 24, Tequesta, FL 33469 | Ph: 561-745-8894  Fx: 561-745-8871  TF: 866-556-6766 | Hours: M-F 8.30am-5pm
Powered by
Insurance Website Builder

Join Our Newsletter Refer A Friend Testimonials Get A Quote
Policy Review Form
Get Started with a Policy Review