The Current Crisis with Florida’s Real Property Insurance with Andrea Northrup, Vice President of Insurance Office of America (Part 1)

Take It To The Board with Donna DiMaggio Berger

Apr 13 2022 • 36 mins

Florida's current property insurance industry is in crisis, and it’s one that has been years in the making. Private insurers are exiting the State at alarming numbers and Citizens is once again becoming the only option for many community associations.

Host Donna DiMaggio Berger and Andrea Northrup, Vice President and partner at Insurance Office of America, Florida's largest privately held insurance agency, discuss the current perils and pitfalls of real property insurance for condominiums and planned unit developments. Andrea is also a member of the Real Property Insurance Committee and the Condominium and Planned Unit Development Committee of the Real Property, Probate and Trust Law section of the Florida bar.

Highlights include:

  • Is Florida’s legislature addressing the crisis?
  • What factors should a board take into account when making a decision about property insurance?
  • What options are left when an insurance carrier becomes insolvent?
  • In terms of insurance, is Florida in a good position, with hurricane season right around the corner?
  • How do supply chain issues and labor costs affect the appraisal requirements for necessary placements, such as windows?
  • What insurance benefits are available when only part of a building is damaged?
  • What updates or additions to the building are included in the appraisals? If the insurer is not notified, how does that play out when damage does occur?
  • How do appraisals, maintenance records, mortgage value, and even minutes of board meetings factor into lending? What about the proximity to the ocean?
  • Where do workers comp claims fit into a general liability policy? What’s the difference between “suability” and “liability,” and who pays for the defense?
  • What is additional insurance, and what value does it have?

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