Boards make insurance decisions on behalf of their neighbors.
The short version
Look at the whole program together: property, liability, directors and officers, crime, cyber, workers’ compensation and umbrella, compared with your governing documents and Florida requirements.
What to know
- Hurricane deductibles are often a percentage of the insured value, so ask what that is in dollars
- Property valuations can go out of date
- Crime coverage limits should reflect the money the association holds
Questions to ask
- When was our last insurance valuation?
- Does our program meet our documents?
- What does a major hurricane mean for owners financially?
General information only. Actual coverage depends on your policy, and coverage is not in force until confirmed in writing by the agency.