The Top 10 Questions asked by Board Members and Community Managers Regarding HOA and Condo Association Insurance
Today is the first installment of the top 10 questions asked by Board Members and Community Managers regarding HOA and Condo Association Insurance!
By: Brian
J. Finnerty (CIC), Area Sr.
Vice President, Arthur J. Gallagher Risk
Management Services.
Question # 1:
Is
Flood Covered?
Answer:
Typically, Flood is an excluded coverage
under all property policies. Unless you
have specifically endorsed your policy with Flood coverage or purchased a
separate stand-alone flood policy you most likely do not have this peril
covered. There are some carriers that
can provide a small sub-limit for “Surface Water” but this is not a replacement
for flood coverage. Ask your agent for a
quote indication on flood. Some policies
depending on the flood zone have very reasonable premiums.
Check back next week for question # 2!