FLIP Updates

FLIP Community Meetings

In March, UHAB and Arthur J. Gallagher, the broker for the FLIP program, held two community meetings to address your questions and concerns about this year’s difficult renewal season. Each session included a presentation followed by a Q&A. If you were unable to make it to either of the meetings or if you want to view them again, you can find recordings below. If you have lingering questions or concerns about the FLIP program please email them to insurance@uhab.org, or call Caleb at (212) 479-3346.

FLIP Community Meeting 3/15/23


Q&A: 3/15/23


Q&A: 3/16/23



Why did my premium increase so much this year?

There are several factors that influenced such unprecedented premium costs this year. 

  1. Climate change and natural disasters. Due to extensive hurricane damage in Florida and fires in the West, insurers took major property losses last year, causing industry wide increases. 
  2. Inflation has affected our community across the board. Along with higher prices for fuel, gas and groceries, the materials that make up our buildings have become more expensive. This has increased the valuation of our homes, making them more expensive to insure.
  3. New York State Labor Law 240 makes the building running a construction site liable for accidents involving construction. This means in many cases that your HDFC may be liable in the event of an accident during construction. NYS labor law 240 is now the leading reason for large settlements in NY. While many cheaper plans exclude labor law coverage, you are covered in case of an accident under FLIP. 

Due to the fact that FLIP renews later in the year than many other plans, we are feeling the industry wide strain earlier than most. Many plans renewed before Hurricane Ian, meaning they have not taken the hit yet.

I’ve been offered another quote that is less expensive, what should I do?

If you have been offered another quote, we strongly recommend you contact our partners at AJG so that they can do a side by side coverage comparison. Many brokers have been offering quotes with less expensive premiums; however, they may not actually offer appropriate coverage. FLIP is the only program tailored specifically to HDFCs. While other plans have lower premiums, they may have higher deductibles, reduced coverage and hidden exclusions—especially for the NYS labor law. 

I heard FLIP wasn’t going to automatically renew this year. Am I still covered?

FLIP renewed automatically this year as it does every year, meaning your building is still covered. If you have not yet made a payment, please contact us so that you avoid lapse in coverage. 

Why should I stay with FLIP?

FLIP is the only program designed specifically for HDFCs. While premiums are higher this year, FLIP still offers the most comprehensive coverage for the best possible price. Staying with FLIP means protecting your HDFC from liability under the NYS labor law and in case of loss or damage. 

For almost 40 years, Arthur J. Gallagher has partnered with UHAB to provide top tier coverage at affordable rates. By sticking together, we have been able to fight for the most competitive prices for our community. Together, we have stood together to provide protection for those whom market rate insurers considered too risky to cover.