Article

Interpreting Condo Association Documents for Insureds

Whether agents should be reviewing any kind of contracts for insureds is an issue without an absolute solution. It depends on many factors, from the type of contract to the…

Red house in among white houses for real estate property industry

Hurricanes and Homeowners Association Loss Assessments

Many homeowners are just now being assessed by their homeowner or condo associations for losses that occurred in 2005 due to master policy exclusions, deductibles, or inadequate limits. Some insurers…

Renting Condos (and Homes) to Others

Most likely, many of you have insureds who own a vacation home or condo that is rented out much of the time. Most of you have insureds who might buy…

BROWSTOWN, MICHIGAN-SEPTEMBER 20, 2019: Condominium homes in an upscale Detroit suburb.

Condos, Binders and “Walls In” Coverage

The VU “Ask an Expert” service has been made aware of a number of requests from the lenders of condo unit owners who want to be named as mortgagees on…

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Vacant Land

Vacant land presents two problems. First, most people find it hard to believe that they could be sued because they own a piece of vacant land. Second, the characteristics that…

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What Does “Used in Connection With” Mean?

The definition of “insured location” in the HO policy includes any premises “used in connection with” the residence premises. Exactly what does that mean?

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More HO Loss Assessment Misunderstandings

Can a condo association assessment for a deductible be paid by the HO policy without the entire association being assessed? An agent reports that one company will not pay unless…

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Homeowners’ Associations

It’s very unlikely that many purchasers of a townhome or a stand-alone home in an association ever consider the insurance implications of such purchases. Only when it’s time for the…

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Other Structures and NFIP Coverage

When looking at the National Flood Insurance Program (NFIP), the other structures coverage is so limited that it might almost be thought of as, “There isn’t any.”  To adequately protect…

Preferred Risk Policy Eligibility

Over the past few years, eligibility for the PRP has expanded, making a lot more policyholders eligible for the savings under the PRP.  It’s in the best interest of the…

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