After experiencing Hurricane Irma last year, many questions arose during preparations for the storm and after the storm made landfall relating to insurance coverage for damages caused to a community’s buildings, common areas and other property, as well as to individual condominium units. As a Board Member and/or resident living in a Condominium Association, it’s important to know the details and limits of the Association’s insurance policy. In the aftermath of Hurricane Wilma (2005), the issue arose in the context of insurance coverage disputes where condominium associations made claims under their property insurance policies while the unit owners simultaneously made claims under their homeowners insurance policies for the same storm resulting in the denial of their claims by the competing insurance companies. Why? Because under the association’s insurance policy it claimed that the unit owners homeowners insurance company was responsible and vice versa. In order to provide clarity relating to

Preparation is the key to good management. Hurricane season beings on June 1 st and now runs through November 30 th , and as you are well aware, having a Hurricane Preparedness Plan in place makes the process of preparing more efficient. To help you be better prepared, our team at KW Property Management, along with the help of our friends at BB&T, have created a checklist of the items you should include. FINANCIAL PREPARATION Fund reserves at least partially; the absence of any cash reserves will hinder an association’s ability to make a deposit to a contractor who is available. Consider a special reserve to fund insurance deductibles and/or items not covered Consider making arrangements for a line of credit with your bank, so that you will have available cash to meet emergencies and secure contractors. Consider applying for an Association credit card to allow managers to purchase preparation

Welcome to our new property management blog! We look forward to making this platform the best resource for information about Condominium and Homeowners Association management, legislative updates, best practices and any other topics that can impact or help your community! We encourage you to subscribe to our blog to receive updates and insights as we publish them. Please feel free to contact us if you have questions or reactions to share. Also, if there is any topic you’d like to see us address, we’d love to hear about it! [blog-disclaimer]