How to Present Florida HOA Insurance to the Board

How to Present Florida HOA Insurance to the Board

When you have a community in Florida and there is an HOA or homeowners association affiliated with it, you need to do your due diligence to make sure that there is Florida HOA insurance in place. You likely need to get this policy approved by the board. The good news is that there are some tips to help you make the best possible presentation.

Know the Options

You want to know all there is to know about Florida HOA insurance in Maitland. This means knowing which companies write policies, what’s included, and how you can protect your homeowner’s association more effectively with insurance.

You will have physical damage and injuries covered by an HOA master policy. This can include damage to a clubhouse, a playground, a swimming pool, and more. If someone slips on a sidewalk or drowns in the community pool, you will be glad that you have the coverage in place.

It’s also important to explore “directors and officers” coverage, as this should be a part of your policy as well. It will kick in if there is a problem with the way HOA management handles an issue, such as being negligent or mishandles funds.

Work it into the Budget

Before presenting to the board, you want to have worked the insurance into the budget. Even though it’s a requirement to have, the premium may not be a part of the budget as of yet. Your goal is to demonstrate that it is a feasible expenditure. If for any reason the premium is higher than what you have allocated, you may need a plan in place to increase the cost to residents so that you can have the coverage.

By showing the premium in the budget, it will be easier to get the approval. It will show that you have done your homework and that it is an expense that must be taken on.

Be Prepared for Questions

There may be a variety of questions directed to you from the board when you make your presentation. You want to make sure that you are very confident about the Florida HOA insurance that you are presenting. This includes:

-              Details about the insurance company

-              Total costs

-              Physical damages and injuries covered

-              Fine print

By working with an independent insurance agent, you can get help finding the best HOA insurance policy for your community. This way, you will be able to have all of the answers.

Ultimately, the policy is a must. However, the way you present to the board will make it easier for you to procure the right policy so that there is less for the HOA to worry about through the year.