Many Florida homeowners live in communities that also have HOA fees. These Homeowners' Associations are great for those who live in communities that offer many different amenities and services, like community swimming pools and landscaped and manicured grounds. Many people may not know that HOA fees can also protect you from some insurance liabilities that occur in the community you live in. Because of some of the extreme weather like hurricanes or flooding in certain parts of the state, insurance policies can be extremely important for HOAs and condo associations when they need to file property claims in South Florida. There are a few things you should know about HOA fees and their role in the insurance claims process.
This type of damage would serve to protect utilities, property, and common areas that are shared by the HOA or condo association community. In the event of a fire, flood, hurricane, or sinkhole collapse, a property damage policy would pay for the cost of repairs that can be more than thousands of dollars.
Wind and hail damage policies can be used when homes sustain damage from winds from any source. This includes hurricanes, tropical storms, or tornadoes. Insurers generally cannot increase the deductible for storms or on homeowners' insurance policies that have been in effect for more than three years.
This policy could protect an HOA or condo association from graffiti, vandalism, or arson. Also, certain criminal policies can also serve to protect the association from money mismanagement by a board member or other officer. These policies are sometimes referred to as fidelity insurance, but they will still provide protection against these potential issues.
Damage caused by water, which obviously would be covered by insurance policies is typically for a sudden event such as a broken appliance causing a leak or burst plumbing. Most policies also cover water damage from leaking roofs and walls. However, some policies can only cover interior water damage if there is direct damage to the building that creates an opening for water to enter, such as wind damage. This is when HOA protection may come into effect.
A person who is injured by a slip and fall accident, malfunctioning equipment, or violent crime on that HOA or condo association's property may file a premises liability lawsuit. This type of insurance policy can help cover the cost of any settlements in such cases. Insurance for an HOA or condo association may be expensive, it is often assumed to be a worthwhile investment.
These are just a few of the facts that you should know about HOA fees, condo living, and insurance claims. When you live in a community, you may be surprised to know that you have multiple layers of protection in the event of any damage. Contact us when you need to file property claims in South Florida to hear how we can help you today.