We are now in the second half of March and Q1 is drawing to an end. The FL legislative session is over and there are plenty of articles explaining what passed and what didn’t. The 2012 Hurricane season starts June 1st which is about 70 days away or 10 weeks out.
Wikipedia’s 2012 page cites a few studies that predict 2-3 Major Hurricanes: 2012 Hurricane Season
Florida is paradise for 360 days a year and then there are Hurricanes when Mother Earth reminds just how insignificant we humans are…
If you live in a condo association, now is a good time to have a board meeting about insurance. Why? Because everyone is still around and insurance is probably the most expensive association expense and if there is a loss, the membership will want to know what to do and expect the insurance to come through. The agent can invited to the meeting and explain the different policies which make up the insurance program and the deductibles for each type of risk.
Does everybody understand the Association Hurricane deductible and how it applies to them?
Hurricane deductibles are listed as percentages: 3%, 5% or 10%, but what does that mean? Example: After a storm, the association will have to assess every owner $6,000. In other words, the percentage (3% or 5%) or building amount is discussed but not the per unit breakdown. So as owners are tracking an incoming storm, they should be aware of their potential personal loss and their potential liability to the association.
Has the Association explored all possible credits on the policy?
I suggest that you go to the Citizens website which shows which credits are possible. www.citizensfla.com
It is also a good checklist if the board is looking for way to strengthen the buildings during schedule repairs or maintenance. For example, if the roof needs to be replaced, why not also get a bid for Secondary Water Resistance? While the upfront cost may be more, it is worth the long-term premium savings.
Does the Association have a disaster Recovery plan and done an annual drill?
Having a Hurricane Drill is a great way for neighbors to meet each other and foster a sense of community. Some of the questions that need to be answered are: If there is no power, where do we meet to gather information? Does the association have a roster of special needs residents that may need assistance or be evacuated? What about pets? Does the Association have key documents uploaded to a cloud-based system such as a free Gmail account for easy post-disaster recovery.
A good agent provides year-round consulting and should be part of a Hurricane drill. Scrambling to prepare as a storm is approaching is too late. This is a perfect time of year while the weather is great and most residents are around to set-up a system in response to a major weather event.
I read the article “Citizens assessment bill moves ahead as its concerns stall Cat Fund proposal” and thought about the big picture of the Property Insurance issues in Florida. I stopped by a friend’s house this week to visit and was disturbed to learn she retained a Public Adjuster to process a leaky pipe claim. I asked why she did not put in a claim with her carrier first. She…Read more...
If your Association or company has a website, especially a public forum, ask about Cyber Liability. A Message from A.M. Best Company A year ago, our panel of experts convened on the evolving issue of cyber liability in our most well-attended webinar to date. As cyber liability risk continues to widen, a broader array of businesses are finding they need to protect themselves from data, privacy and other exposures. This…Read more...
The scoop on Flood Zone Remapping in Florida The new FEMA maps are currently in a 90-day appeal period. They will be releasing the new flood maps for Broward County in June. What do these changes mean for the 24,000 Condo Associations and Homeowners in Broward county and other counties in Florida who will be undergoing similar changes? Scenario A: If you were in a non-mandatory zone (labeled X), you…Read more...
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