Noble Public Adjusting Group’s blog is designed to educate and inform. One of our biggest goals is to help people understand insurance. Since Noble’s main body of clients is located in the Florida Panhandle, those are the policyholders we usually address. When we blog about insurance, we normally have Florida Panhandle homeowner insurance and commercial property insurance in mind. But today we feel drawn to talk about insurance for condo associations in the Florida Panhandle.

Especially with hurricane season underway, it is the perfect time for condo associations in the Florida Panhandle to become aware of the types of insurance your association is required to maintain. Noble Public Adjusting Group is an expert in condominium insurance and handling claims for condo owners and for condo associations. If you would like us to come to your condo and meet with your association to go over your property insurance policy, we offer this service for free.

What Insurance Is Required for Florida Panhandle Condo Associations?

One thing your Florida Panhandle condo association must be aware of is that every year the Florida Legislature makes updates and changes to Florida Statutes 718 & 720. These changes can be small and have little effect on your condo association’s coverage, or they could be big changes that have a large effect. Make sure your condo insurance agent does an annual exposure analysis and risk management review of your policy. This is crucial to make sure your association is in compliance with Florida insurance statutes.

Condo Insurance Required

• Property insurance covers your Florida Panhandle condo’s buildings and facilities, which is a requirement under Florida statute.
• General Liability Insurance covers your Condo Association in case of a frivolous or legitimate lawsuit arising from an injury.
• Flood insurance is constantly changing with new fees and requirements. You need to have your policies reviewed regularly because there may be better options available.
• Umbrella coverage–An umbrella policy provides added coverage and protection from a large loss that pierces the coverage of your General Liability or Directors and Officers policies.
• Director and officers insurance–This insurance cover condo association board members – without this kind of insurance, a board member can be personally sued for alleged wrongful actions as a board member and your personal assets can be at risk.
• Crime/Fidelity Bond–A Crime Bond covers the association’s funds, which is required coverage by Florida statute.
• Worker’s compensation insurance–This insurance covers your employees, independent contractors, and volunteers who may be injured on the job.

The insurance types listed above are the basic requirements for Florida Panhandle condo associations. Of course, there are extra types of insurance that are not mandatory that your association may decide to purchase to assure you are more than covered in case of damages or disaster. However, Noble’s goal today was to make sure you have the basics covered.

If you would like us to go over your Florida Panhandle condo association’s insurance in detail to make sure all of the above requirements are being met, or advice you on extra coverage that would be smart to have, Noble Public Adjusting Group would love to send one of our condo insurance experts to your place. Noble offers insurance policy reviews for free. We do this as a way of showing policyholders in the Florida Panhandle that we truly do care about you and want to help make your lives easier. That goes for condo associations too.

Call us today for your free policy review, or for any other questions or concerns you may have. Our main office is in Panama City Beach, but Noble Public Adjusting Group handles insurance claims anywhere in Florida. If your condo association has an insurance claim that needs to be filed, hire Noble to handle that for you. Your association will be amazed at the difference in the size of your final insurance settlement. In fact, the most recent study shows that those who use a public adjuster to file their insurance claim receive up to 747% more as a settlement than if they had handled it themselves.

Noble Public Adjusting Group 
107 Amar Place Suite 103
Panama City Beach (West End), FL 32413
(850) 249-MY-PA