Condo Association Insurance Renewal Checklist: What Every South Florida Board Should Review Annually

The annual insurance renewal is one of the most important events in a South Florida condo association’s calendar — and one of the most frequently mishandled. Many boards treat renewal as a passive event: the agent sends over a proposal, the board glances at the premium, and coverage automatically continues. In today’s market, that approach is no longer acceptable.

Premiums are higher, policy terms are tighter, and the consequences of inadequate coverage are more severe than ever. Every South Florida association in Miami-Dade, Broward, and Palm Beach counties deserves a thorough, systematic renewal review. Here is the complete checklist I walk through with every association I work with.

Start Early: 90 to 120 Days Before Expiration

The most important thing you can do for your renewal is start early. Waiting until 30 days before expiration leaves almost no time to properly market your account, compare proposals, or address any issues that arise. Beginning 90 to 120 days out gives your agent time to:

• Gather updated property information and loss runs
• Approach multiple carriers for competitive quotes
• Negotiate terms with your incumbent carrier from a position of strength
• Order any required inspections or appraisals
• Present a complete proposal to the board with adequate time for review

Step 1: Review the Declarations Page

Pull last year’s declarations page and compare it line by line with this year’s renewal proposal. You’re looking for any changes in:

• Named insured — Is your association’s legal name still correct?
• Coverage limits — Have any limits been reduced without your knowledge?
• Deductibles — Have deductibles increased? Pay particular attention to the windstorm deductible.
• Coverage types — Are all the same coverage lines still present?
• Endorsements — Have any endorsements been removed or changed?

Step 2: Confirm Your Insured Value Is Current

South Florida construction costs have risen dramatically in recent years. If your building’s insured value hasn’t been updated with a professional replacement cost appraisal in the past three to five years, there is a strong chance it is understated — potentially by millions of dollars.

• Request a current replacement cost estimate from your agent or a professional appraiser
• Compare against current South Florida construction costs (typically $350–$500+ per square foot)
• If your insured value is significantly below replacement cost, request an increase
• Understand your policy’s coinsurance clause — being underinsured can reduce your claim payout even on partial losses

Step 3: Analyze Your Windstorm Deductible

The windstorm deductible deserves its own step because it is so consequential. Confirm:

• The windstorm deductible percentage (1%, 2%, 3%, or 5% of insured value)
• The actual dollar amount that deductible represents at your current insured value
• Whether your association’s reserves can cover that amount if a major storm hits
• Whether unit owners have adequate loss assessment coverage on their HO-6 policies to cover their proportionate share

Step 4: Review Every Coverage Line

Go through each coverage line in your program and confirm it still meets your association’s needs:

• Property — Adequate limit, RCV not ACV, Ordinance or Law endorsement present
• General Liability — Limit appropriate for your amenity exposure
• D&O — Adequate limit, no blanket statutory exclusion, defense costs outside the limit if possible
• Flood — Confirm limit relative to building value, NFIP vs. private, replacement cost basis
• Fidelity/Crime — Limit covers maximum funds at risk (operating + reserves)
• Equipment Breakdown — Present and covering major building systems
• Workers’ Comp — Adequate for any direct employees
• Umbrella — Consider whether additional limits are warranted

Step 5: Confirm Statutory Compliance

Florida law imposes specific insurance requirements on condo associations. Confirm your renewal program meets all of them:

• Property insurance on building and common elements (Chapter 718)
• Fidelity bonding at required levels
• Flood coverage if required by lenders or located in an SFHA
• Workers’ compensation if you have direct employees
• SIRS compliance documentation available for carrier

Step 6: Ensure the Market Was Actually Shopped

One of the most common ways boards leave money on the table is by allowing their agent to simply renew with the incumbent carrier without genuinely marketing the account. Ask your agent:

• How many carriers were approached for this renewal?
• Which carriers declined and why?
• What competing proposals were received?
• Why is this carrier and program the recommended option?

A reputable specialist should be able to answer all of these questions clearly. If your agent can’t explain why your program is competitive, that’s a signal that it may not be.

Questions to Ask at Your Renewal Presentation

• What changed from last year’s policy?
• Is our insured value current and adequate?
• What is our windstorm deductible in dollars?
• Does our policy pay replacement cost or actual cash value?
• Do we have Ordinance or Law coverage, and what is the limit?
• How many markets were approached?
• Are there any coverage gaps you’ve identified in our current program?

A thorough annual renewal review takes time and attention, but it is one of the highest-value activities a condo board can perform. If your association would like a guided renewal review with a South Florida specialist, reach out and we’ll make sure your program is complete, competitive, and properly documented.