In an Op-Ed column published on 10/24/22, Kelly Corcoran details how community associations should prepare and respond to hurricanes and named storms. In the aftermath of Hurricane Ian, the column highlights several types of insurance coverage associations should review and identify as the most appropriate coverage for their properties. He also details the necessity of disaster and restoration plans.

“Hurricane Ian has damage estimates climbing towards $67 billion from Florida to the Carolinas,” writes Kelly. “Hurricane preparedness goes beyond sandbags and clean water, and with Florida’s recent building boom, preparation and response procedures are critical for Condo and Homeowners Associations.”

In addition to adequate insurance protection, Kelly highlights the importance of understanding separate deductibles in coverage policies.

“Policies typically have a separate deductible for a loss caused by a hurricane or windstorm versus a loss caused by all other perils (AOP),” he explains. “The AOP deductible is a fixed amount; however, hurricane or windstorm deductibles are a percentage of the insured value of the building (e.g., 1%-5%), which can be significant, and associations should have a plan for satisfying their deductible.”

Kelly concludes by stating there is no guarantee concerning protection from a hurricane or named storm; however, there are ways to minimize the associated risks of having property in an area prone to hurricanes.

To read the story in full, click here (subscriber-based).