HOA Insurance: How to Be Certain Your HOA Isn't Underinsured
April 13, 2009
This week's tip is taken from a new article on avoiding HOA
insurance mistakes.
Some states, like Florida, require associations to have certain
levels of coverage. If you're in a state that has coverage
minimums, ask your agent to certify in writing that your
association meets the legal minimums.
"Make sure your agent provides you with a letter stating that
the insurance provided meets the requirements of your governing
documents and the law," recommends Bob L. Tankel, principal at
Robert L. Tankel P.A. in Dunedin, Fla., a law firm that
specializes in advising associations.
"That doesn't make me popular with my insurance agent friends,
but there's case law in Florida in which an insurance agent was
found liable when he recommended a certain level of coverage, a
loss occurred, and the insured was underinsured. Laws governing
corporations say that boards are entitled to rely on people they
believe are experts, so that's a good defensive practice."
For more on protecting your condo or homeowners association from
insurance missteps see our new article. (Go there now »)
Best regards,
Matt Humphrey
President
| 
Free Newsletter
Communications
