Barker Martin

Condo-HOA Blog - Insurance

Insurance Industry Responds, and Owners May Pay the Price

Events of casualty damage, even when some of the damage is covered by an association's insurance policy, can be very expensive for condominium and homeowners associations, primarily because association insurance deductibles are typically tens of thousands of dollars per claim. The deductible expense is really just the portion of the cost to repair that is not covered by insurance, and is often a common expense paid by all owners. Whether an association can pass that expense—often the amount of the association's deductible—directly to the owner who caused the damage, or to the owners whose units were damaged, often depends on the provisions of an association's recorded declaration. read more

Complete Coverage Should Not Be an Alien Concept

I recently read an article stemming from NASA's discovery of seven exoplanets, three of which may support life. The article discussed an insurance company called Budget Insurance that is now issuing policies protecting policyholders against alien invasion. After doing some digging, I also discovered that another insurer is selling alien abduction insurance. The latter company has already sold more than 30,000 policies (I was unable to verify whether any of the policies have paid out). read more

Protestors Are Such a Riot!

Regardless of your political persuasion or tolerance for political activism, it is evident that protests are becoming a routine experience around the country. Portland alone has had seven separate organized protests since January 19th. This number does not include spontaneous demonstrations or protests. The thing about protests is that the protestors rarely stop to ask whether your home, business, or auto agree with their particular cause. I hope that those reading this will avoid personal injury or property damage resulting from any protests. For those less fortunate, it might be reassuring to know whether your insurance will provide coverage. read more

Dealing With Ice is Anything But Neat

Those of us in the Northwest were recently hit with the first round of winter snowstorms. My children are avid weather watchers (in hopes of future school closures), so I understand that we are in store for several more storms in the coming months. Winter snow and ice inevitably result in a host of insurance claims. Some of these are relatively predictable. Think auto accidents and trees falling. Fortunately, many of these weather related claims are covered under standard home and auto policies. Snow and ice also bring the risk of a claim that most of us are unprepared for, flood. read more

I Don't Think We're in Kansas Anymore

Kansas, of course, is in the heart of Tornado Alley and home to the most famous tornado of them all: the one that swept Dorothy into the Land of Oz. Recently, however, Oregon and Washington felt the effects of multiple tornadoes. Two tornadoes touched down in Oregon in October. Tornado warnings were also issued for several cities in Washington. The tornadoes and strong winds wreaked havoc on homes across Oregon and Washington. Although not frequent, tornadoes do occasionally touch down in both Oregon and Washington. Because we are not accustomed to tornadoes, many are probably wondering whether their homes and associations are covered. Fortunately, property damage caused by strong winds and tornadoes are typically covered under standard homeowner policies. To be safe, a simple phone call to your broker or agent will confirm the coverage. read more

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