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Well, here we are, it’s that time of year when we start receiving calls from our condominium association managers and Boards of Directors requesting us to pull out our crystal ball and provide them with their 2013 insurance budgets! Have you been wondering what you can expect in 2013? In this month’s Insurance Insight, we’re breaking down what you can expect as you begin the planning process.

When we prepare a budget for any association, it is primarily for the purpose of providing you with the most accurate “indication” of possible insurance renewal premiums utilizing our knowledge of the most current market conditions and trends. Our goal is to properly protect the assets of the association with financially viable insurance at the most competitive cost. Budgeting, requires that we take a closer look at your policies, coverages, appraisals, and market conditions and then project our best estimate of where the costs will be at your next renewal. … Read more

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Many buyers in Florida deed their homes to Trusts or LLC’s for tax and/or probate purposes. What these buyers may not know is that they may face higher premiums by going this route rather than personally deeding the property. Reason being, some of the more competitive insurance companies in Florida do not necessarily want to insure properties owned by LLC’s and in some cases, will not insure the Trust depending on who is assigned as grantor/trustee because it creates a greater liability exposure. … Read more

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With little fanfare, the one-year-old Consumer Financial Protection Bureau has become the chief enforcer of the Fair Credit Reporting Act (FCRA) and has issued revised FCRA forms employers and consumer reporting agencies must start using no later than Jan. 1, 2013. … Read more

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Nearly three-quarters of Americans say that the cost of health care and health insurance will be an important factor in their vote this November. According to a new poll from the Kaiser Family Foundation, 44 percent of Americans said the cost of health care concerns them more than almost any other issue — only the job situation concerns more people (59 percent). And 73 percent said both the cost of health care and the future of Medicare would play an important role in their vote for president…. Read more

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Does your current disaster plan take account for items that may not be covered under your insurance policy?

Many associations know by now that in the event of a hurricane or windstorm event, they will have a large deductible that may be two, five, or even 10 percent of the coverage amount, but what about those items for which the policy does not provide coverage? … Read more

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