HOA Insurance: HOA Mistakes to Avoid
Are you protecting your homeowners or condo association as much as possible with your insurance choices? Here at FloridaHOA Insurance , our specialists in the legal and insurance industries, tell us the most common insurance mistakes boards make to their HOA's detriment. 1. Not paying attention to your policy. "One of the most simple things boards do wrong is not having the right coverage before the pipe bursts on the 22nd floor, there's a fire, or there's a storm," says Hugh Lumpkin, managing shareholder at the law firm of Ver Ploeg and Lumpkin in Miami, who represents HOAs in insurance cases. "It's because they don't review their policy until after they've suffered a loss. By then it's too late." 2. Not having full coverage of Florida Homeowners Association Insurance . "There are two ways the insurance company can pay," says Lumpkin. "One is the actual cash value, which is the replacement cost less depre
