condominium insurance News

Surfside Tower Garage, Pool Deck Had Faulty Support Columns, Prelim Report Shows

FORT LAUDERDALE, Fla. (AP) — Federal investigators determining why a Florida condominium tower partially collapsed three years ago, killing 98 people, said Thursday there were many faulty support columns in the tenant garage that ran below it and the adjoining …

Florida Trial Lawyer State Rep Offers Condo ACV Bill as a Solution to Costs

A bill introduced by a Democrat and trial attorney would take a step toward something that property insurers have longed for in recent years – actual cash value coverage on roofs, at least condominium roofs. State Rep. Hillary Cassel, D-Dania …

Historic Building in Jacksonville to Become Affordable Housing Units

Construction is underway to build a new multifamily apartment community providing workforce housing in downtown Jacksonville. The Lofts at Cathedral at 325 and 327 E. Duval St., will include a total of 120 apartments. The project calls for the renovation …

Risk Strategies Buys Florida Condominium Insurance Agency

Boston-based broker Risk Strategies announced it has acquired Statewide Condominium Insurance, a Vero Beach, Florida, retail broker focused on the condominium and apartment complex sectors. Founded in 1996, Statewide specializes in serving condominium operators and home-owners associations throughout the state, …

Burst Sewer Pipes, Condos, and Coverage

We had an interesting question come in this week so I thought I would address it publicly. I’ve edited the question for space and to avoid disclosing any identifiable details. “I live in a condo building. A sewage pipe burst, …

Mixing Up Occupancy for Commercial and Residential Properties

There is a trend in residential construction to build condominium communities that go beyond the traditional amenities we’re used to. We are accustomed to work out rooms, pools, game rooms and the like in communities. What we see today also …

Finding the Missing Pieces in the Condo Insurance Coverage Puzzle

Have you ever watched someone try to finish a jigsaw puzzle with pieces missing? There are still a few hundred pieces to place, but there is one open space in the middle of a grove of trees that beckons to …

South Carolina Jury Awards $890K to Man Wrongly Accused by Condo Board

A Clarendon County jury has awarded $890,000 in damages to a man after members of the governing board at his condominium wrongly identified him as a registered sex offender. James E. King thinks the situation stemmed from a dispute with …

Advanced E&S Group Adds Maintenance Interruption Coverage for HOAs

Managing underwriter Advanced E&S Group has launched a business income policy for community associations that includes maintenance interruption insurance designed to help condominium and homeowner associations reduce their exposure to loss of assessment income. As community associations prepare their budgets …

10 Things to Know About Condominiums

1. To adequately insure one’s condo apartment, it is important to review the condo association’s bylaws and proprietary lease to find out which structural parts of the condo units are covered by the association and which are not, the Insurance …