HOAleader.com - Tip of the Week - March 3, 2023
Published: Fri, 03/03/23
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HOAleader.com - Tip of the Week - March 3, 2023
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Not worried about hurricanes and wildfires? What about flooding? How about cyberattacks?
In this week's tip, we tap into the expertise of Karen O'Connor Corrigan, CIC, CIRMS—who has her finger on the pulse of condo/HOA insurance trends—to find out the condo/HOA risks that aren't on enough boards' radar.
Who could have predicted the 2020 derecho that hit Iowa hardest but caused damage through South Dakota, Nebraska, Iowa, Wisconsin, Illinois, Indiana, Michigan, and Ohio? Haven't heard of a derecho? It's a storm typically caused by a fast-moving group of severe thunderstorms, and it can cause hurricane- and tornado-force winds, massive rains, and flash floods.
"That was a straight-line windstorm for 14 hours," says O'Connor, president/owner of O'Connor Insurance Agency, which insures more than 500 community associations in the greater St. Louis, Mo., area. It caused $7.5 billion in damage.
"In February 2021, there was a deep freeze across the south that cost $20 billion," she states. "We were dealing with frozen pipes everywhere, and nobody was available to clean up. You were on your own. That same thing happened with our polar vortex."
O'Connor was also personally involved in claims related to convective storms several years ago that nobody anticipated. "We got nine inches of water in St. Louis in an hour, so there was flooding in areas where it's never flooded before," she explains.
That's on top of the tragically common wildfires, hurricanes, and floods that can sweep into an area, causing extensive more damage.
And the risks aren't all weather related. A Daytona Beach, Fla., luxury condo suffered a cyberattack in July 2021. "It was a sophisticated building, a master association with three subassociations, and the building's automation was attacked," explains O'Connor. "Entrances, elevators, fobs, HVAC—all were affected because of an outdated server with open IP address. Condo boards don't think about that."
These types of claims might be covered—if they're covered at all—under a typical property insurance policy. But coverage isn't a given. Read our new article Condo/HOA Insurance Expert Reveals the Biggest Risks You Face Today, https://www.hoaleader.com/members/4664.cfm, to find out what might happen if you were to make an insurance claim for the weather events O'Connor has seen in recent years.
Best regards,
Matt Humphrey
President
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