The Current Crisis with Florida’s Real Property Insurance with Andrea Northrup, Vice President of Insurance Office of America (Part 2)

Take It To The Board with Donna DiMaggio Berger

Apr 27 2022 • 38 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.

In Part 2 of this podcast episode, 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 growing  perils and pitfalls of real property insurance for Florida associations and their owners. (Make sure you click here to listen to part 1 first!)

Highlights for Part 2 include:

·      What is umbrella coverage and is it recommended?

·      Will Self Insurance Funds (SIFs) make a comeback?

·      How much coverage is needed  for extreme weather events?

·      What is the difference between “suability” and “liability” when it comes to association employees working directly for the residents?

·      Does an association  need insurance for private events held in common areas, such as a clubhouse?

·      Fidelity bonding. What is it and who needs it?

·      Payment and performance bonds. Better to have them when you don’t need them, than to not have them when you do.

·      Why are some associations not pursuing insurance claims?

·      What role does an independent adjuster play?

·      What advantages are there to unit owners having their own interior coverage?

·      What is subrogation?

·      How will this insurance crisis affect Florida’s economy as a whole?

·      How can things turn around? Is there one clear answer?

Helpful links:

· Becker Lawyers | Legal and Business Strategists
· CALL | Powered by beckerlawyers.com
· Florida Condo & HOA Law Blog | Powered by beckerlawyers.com
· Becker's Online Class Library
· Association Adjusting – Serving Community Associations throughout Florida