Ryan Insurance & Financial Services

Loss assessment coverage for condos: Do you have what you need?

May 11, 2017

Hi this is Sean Ryan with BRP Ryan Insurance.

Today I want to talk to you about loss assessment coverage for condos/condo insurance.

Hurricane Matthew happened October 7, 2016, and the east coast of Florida took it really hard.

There were areas in Volusia County, which affects us, and areas all the way up to Jacksonville that got hit pretty hard.

If you have a condo unit owner policy, I want you to talk to me. I want you to call our office. I want you to be aware that there are differences in these policies when it comes to loss assessment coverage.

Most of the master policies – the master policies of the condos that got hit with the storm – took big hits on their deductibles, and then what they’re going to do with that deductible is spread it out as loss assessment to all the unit owners.

On your policy, on your individual policy, you need to look at that coverage, because each company offers different limits. You need to shop for it; you need to pay attention to that because some companies offer $1,000 and some offer $10,000. Which one do you have?

Call our agents, call our office at 386-738-2000. We’d be happy to help you with that. So that you’re prepared for the next storm. It’s not if, it’s when. It’s going to happen again, so make sure that you’re prepared, and we’ll help you with that.

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