Guaranteed Assessment Program – Florida
Protect your Florida Condominium or Homeowners’ Association budget from the unpredictability of your members’ financial status with a guaranteed assessment program (GAP) from Advanced Insurance Underwriters. A Florida condo insurance GAP policy protects your association’s balance sheet from loss of cash flow and foreclosures due to defaulting unit owners. It is a total solution against “bad debt” and offers features that benefit your association now, and in the future.
GAP features include:
- An “A” rated insurance policy that extends the FL statutory cap to 24 months past due assessment WITHOUT the 1% FL statute limitation
- A separate claims services agreement
- Immediate coverage of assessments for 24 months, including units that are already in default*
- Immediate coverage of assessments for 6 months of those already in foreclosure*
- Payment of attorney fees, collection costs and court costs
- A low, fixed premium
GAP offers a return to stability and predictability for your association’s budgeting process. No matter what your financial situation, a GAP policy from the specialists at our Florida insurance company can ensure the collection of your delinquencies without charge to the association.
Get Back to Business
Don’t waste anymore time worrying about your assessment receivables. Let our seasoned professionals help you get back to business with Florida condo insurance GAP coverage. Call, email or fill out our form today for expert service with a personal touch.
*Any amounts not recovered due to the Florida Statutory cap are insured up to $18,000 per unit.