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?

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!