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Jeff Sanders, works with associations and companies throughout the state of Florida to meet their insurance and risk management service needs. Jeff and his team have a proactive style and hands on approach to providing insurance services to their clients. Not only is Jeff a commercial property and casualty specialist, he also holds a TRIP designation, is a member of the Community Association Institute (CAI), Hospitality Financial & Tech Professionals (HFTP) association, and Community Owners – Managers – Associates (COMA). Jeff is also a certified Continuing Education instructor for the community management and construction industries. Comments and questions are welcome at jsanders@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Jeff Sanders, works with associations and companies throughout the state of Florida to meet their insurance and risk management service needs. Jeff and his team have a proactive style and hands on approach to providing insurance services to their clients. Not only is Jeff a commercial property and casualty specialist, he also holds a TRIP designation, is a member of the Community Association Institute (CAI), Hospitality Financial & Tech Professionals (HFTP) association, and Community Owners – Managers – Associates (COMA). Jeff is also a certified Continuing Education instructor for the community management and construction industries. Comments and questions are welcome at jsanders@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Jeff Sanders, works with associations and companies throughout the state of Florida to meet their insurance and risk management service needs. Jeff and his team have a proactive style and hands on approach to providing insurance services to their clients. Not only is Jeff a commercial property and casualty specialist, he also holds a TRIP designation, is a member of the Community Association Institute (CAI), Hospitality Financial & Tech Professionals (HFTP) association, and Community Owners – Managers – Associates (COMA). Jeff is also a certified Continuing Education instructor for the community management and construction industries. Comments and questions are welcome at jsanders@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

We recently sat down (over Zoom) with one of Gulfshore Insurance’s greatest assets, Senior Claims Advocate, Cheryl Roberts.  In the video below, we discuss some of the most common claims community associations are facing, and how associations can mitigate and protect themselves when claims arise.

Cheryl has been a licensed claims adjuster for more than 15 years.  For much of that time, she worked for the insurance companies, adjusting claims.  But for the last several years, she has been part of the team at Gulfshore Insurance working closely with our clients, handling hundreds of claims annually.  Her experience and expertise is invaluable during the process of a claim.

Whether you are a board member or an association manager, this video has a lot of great tips.  Enjoy!

Jeff Sanders, works with associations and companies throughout the state of Florida to meet their insurance and risk management service needs. Jeff and his team have a proactive style and hands on approach to providing insurance services to their clients. Not only is Jeff a commercial property and casualty specialist, he also holds a TRIP designation, is a member of the Community Association Institute (CAI), Hospitality Financial & Tech Professionals (HFTP) association, and Community Owners – Managers – Associates (COMA). Jeff is also a certified Continuing Education instructor for the community management and construction industries. Comments and questions are welcome at jsanders@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

These conversations are difficult to have with associations, but we are currently in a “Hard” market for Property insurance. On average, property rates decreased from 2004 through 2017; however, approximately 18 months ago, the marketplace began to show the effects of multiple hurricanes in the east, wild fires in the west, and other global catastrophes. Now, amidst a global pandemic, we are entering what is being forecasted to be an extremely active Hurricane Season and the complete unknown of COVID-19.

Over the past 12 months, property insurance renewal rate increases of 25% or more have been typical for properties without claims, and 50% to 100% increases for those with significant claims.

Additionally, while the true effects of COVID-19 are still unknown, many experts are suggesting COVID-19 may be the single most costly event ever for insurance companies.

These “hard” markets are cyclical, so community associations should prepare and budget accordingly. And when the market softens, they should reserve those saved funds for the next hard cycle.

Market Factors:

  • Profitability: 2017 to 2019 was the most costly 3-year period on record for Property insurance companies.
  • COVID-19: Industry experts are suggesting this could be the single worst catastrophe the insurance industry has ever seen.
  • Hurricane Season: Forecasts predict 2020 to be a “hyperactive” hurricane season.
  • Roof Age: 20 years has long been the “magic number” for insurer sensitivity. Hurricane Irma claims data revealed a huge spike in claims for roofs older than 12 years.
  • Litigation: Litigation due to Assignment of Benefits, “social inflation,” and first party lawsuits have inflated losses for insurance companies.

Proactive Steps:

  • Education: Associations should be aware and prepared that the market has less capacity and is becoming increasingly more expensive.
  • Budget: Budget for these expected increases so associations are prepared.
  • Preparation: Contractors should be inspecting your roofs and buildings annually. This allows for better roof condition as your roof ages and shows record keeping of repairs and ongoing maintenance.

There is no magic bullet for these increases, but hardening markets have always been cyclical in the insurance industry. As weather patterns improve and profitability increases, more insurance companies will throw their hats into the ring creating a more competitive marketplace.

Jeff Sanders, works with associations and companies throughout the state of Florida to meet their insurance and risk management service needs. Jeff and his team have a proactive style and hands on approach to providing insurance services to their clients. Not only is Jeff a commercial property and casualty specialist, he also holds a TRIP designation, is a member of the Community Association Institute (CAI), Hospitality Financial & Tech Professionals (HFTP) association, and Community Owners – Managers – Associates (COMA). Jeff is also a certified Continuing Education instructor for the community management and construction industries. Comments and questions are welcome at jsanders@gulfshoreinsurance.com