Hurricane season is here, so it’s time to make sure that your HOA or condo association has the right insurance coverage in place. Even if your tenants or homeowners have their own rental or property insurance to protect what’s theirs, this doesn’t mean that you don’t have coverage gaps of your own.
After all, if the community pool is damaged and your organization doesn’t have enough insurance coverage, then you’ll have to assess all of the homeowners. They won’t be happy to find out that you left insurance gaps, so here are a few ways to “plug” them, so to speak.
1) Check Your Existing Insurance Coverage
Before you do anything other than prepare to leave the area, check your insurance policies. Make sure that they are up to date and have enough monetary coverage to help you repair or rebuild, whichever is necessary. Go over them carefully, noting things like your deductible, so that you know what to expect should something happen. Finally, talk to your insurance agent to go over anything that you may have questions about.
2) Do You Live in a Flood Zone?
Now is the time to check to see if your building is suddenly in a flood zone. Before the storm hits, you want to have that coverage in place, Even if you’ve recently checked or updated your general insurance policies, you should check again. The climate is changing quickly, causing the ocean to rise and create flooding in places where there might not have been before. You don’t want to be caught unaware, with damage that you have to pay for out of pocket.
3) Make Sure Your Outbuildings Are Covered
It’s easy to accidentally leave things off of your insurance policy. For example, your HOA just put up that new shed by the pool, so they haven’t quite gotten around to adding it to the organization’s policy just yet. And then that shed, of all things, gets damaged in a hurricane, without insurance coverage. Before the storm hits, take the time to ensure that all of your outbuildings and extras, like pools, are listed on your insurance policy.
4) Examine the Fine Print
Exactly what are in the terms and conditions of your insurance policies? There may be clauses that state that you and your organization must have made an effort to protect your property, so things like boarding up windows may be necessary. Otherwise, your insurance may decline to pay out. Thankfully, you can prevent these situations by going over every word of your policy with your agent. This will prevent surprises.
Have Questions? Contact Charlotte Insurance
Want to learn more about the insurance steps to take before a hurricane hits your HOA or condo? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your HOA needs.