You have seen countless examples of storm damage in Florida. Let us face it—being on a condominium board is a thankless job (literally, no one thanks you), and you’re not getting paid by the association for it either. Yet, you have a fiduciary responsibility to your association to ensure everyone is protected. When a storm hits, all eyes will be on you. So, while you are busy trying to keep the roof from leaking, here’s something else for your “I don’t get paid for this” list—making sure your building’s replacement cost insurance is up to date. Here are a few tips to help you out:
Review Your Insurance Policy Like It is a Best-Seller
Connect with your insurance provider—do not feel guilty, you are paying them for their expertise. Ensure your replacement cost insurance is updated to reflect current construction costs and labor rates by working with an appraisal provider like Prestar. Why? Because building materials are expensive, labor fluctuates, and replacing a roof after a hurricane is no small cost. Taking this step can help your association avoid a hefty financial headache down the road. Ask about getting law and ordinance coverage to make sure items that are not covered by your policy are included in a supplemental policy.
Become a Photo Enthusiast (No Filter Needed)
Pre-storm documentation might not make you an Instagram star, but snapping those ‘before’ photos of the property will make post-disaster claims much smoother. A simple ‘before’ photo is worth a thousand claims adjuster visits. Bonus: you get to dust off your camera skills and pretend you are working on a secret project. These photos will expedite your claims process if you do get hit with storm damage. The claims adjuster will see exactly what the condition was of the property, from the buildings to the trees. It is all important. Consider getting a roof inspection from Prestar to provide you with drone footage and photos of your roof as well. Prestar can provide a wind mitigation inspection which also shows roof condition, and as a special add on – get you discounts on your association insurance policy.
Don’t Go it Alone – Consult Experts!
You are already doing a million things for the condominium association out of the goodness of your heart (and possibly because you lost a bet). So, do not add “insurance expert” to the list. Bring in someone who knows their way around policies and coverage. Trust me, it will save you from sleepless nights trying to understand terms like “flood exclusions” and “windstorm deductibles.” To help you understand how insurance replacement costs aka insurance appraisals, give Prestar Services a call.
The Importance of Having Just One Adjuster
Imagine only having to deal with one claim adjuster during a disaster—dreamy, right? It is a lot better than bouncing between adjusters who cannot find the building or don’t understand your claim. Ask your insurance company if this is an option because nothing says “smooth claims process” like only one person to blame when things go wrong! You may be tempted to hire an additional independent adjuster and there are Pros to this. Also consider the cons of using a second independent adjuster for a condominium claim include increased costs, conflicting opinions, prolonged resolution time, insurance provider pushback, perception of bad faith, and duplication of efforts.
Educational Resources for Board Members
(Because Google Does not Have All the Answers)
While you are juggling all your volunteer duties, take a little time to brush up on condominium insurance and management. Here are a few helpful resources:
- Community Associations Institute (CAI): Your go-to for board governance, best practices, and insurance info.
- HOALeader.com: Yes, another meeting? Get tips on running it efficiently and learn about common insurance pitfalls while you are at it.
- CondoAdvisor: If you are not already living and breathing condominium management, these resources will help you *pretend* like you do.
- Prestar Services: We are glad to provide education and help you with your questions about replacement costs and insurance appraisals in Florida.
At the end of the day, remember this: you are doing an incredible service by keeping your condominium community safe and insured. No one may pat you on the back for it, but when a storm hits and everything is still standing (financially and physically), you can be the unsung hero who saved the day. No capes required.
