Across Florida, there are more than 27,000 condominium associations that manage over 1.5 million units. The numbers are staggering, and not only do these organizations oversee the lives of roughly three million people but they face unique safety risks that can be costly, challenging and affect every resident. Having worked hard to insure these properties for over four decades, our family at Boyd Insurance & Investments has seen and heard everything imaginable.
Trust us, the landscape for condominium associations is ever evolving. From damaging severe weather to safety hazards and building collapses, insurance for these organizations isn’t just an option but an absolute necessity. But how can a robust insurance package truly protect your condominium association?
For starters, a thoughtful policy will cover damage to the exterior of buildings, pools and surrounding property, caused by powerful storms like hurricanes, while individual units are protected by homeowners insurance. Your insurance may also cover liability claims for accidents and injuries in common areas or shield the condominium association’s directors and officers, if and when they are sued for decisions made while in their positions. Online theft is rising steadily, putting not only your board but your resident’s sensitive data at risk, and cyber liability insurance can offer protection before, during and after an attack takes place. The list goes on, which is why we take our time to walk you through every scenario when selecting coverage options that are the right fit your association’s needs.
These well-crafted policies provide peace of mind for both you, as part of the association, and the individual unit owners. It ensures that should disaster strike, there will be a plan in place to rebuild and recover, without putting an unthinkable financial burden on everyone affected. Think of this coverage as a safety net, preparing you for the unpredictable so you can focus on your life. Our family will handle the rest.