When comparing Condominium Association & HOA Insurance policies, it’s very easy to simply line up the building values, deductibles, and other limits and then compare the price. This would be a great method if all Condominium Association & HOA insurance policies were created equal. However, they are not, and many questions need to be answered when comparing two policies side by side.
- How will a water loss be handled? Will you have the full building limit available and be subject to just the standard deductible, or will you be subject to a much smaller sublimit and perhaps be forced to pay stacking deductibles that are in addition to the standard deductible?
- What do your CC & R’s say about what is covered inside the units, who pays what deductibles, and what the insurance valuation of the building needs to be? How does this affect coverage?
- How do you know if your building is insured to 100% of the Replacement Cost Value?
- What do you need to cover on your individual Homeowners Policy and what is covered on the Condominium Association & HOA Master policy?
- Does earthquake or flood insurance make sense for your community?
- Are all Directors and Officers policies the same? (Hint: they are not).
At Rice Insurance, we have a dedicated Condominium Association & HOA practice group that can help you sort through all of these questions and more. We believe in educating our clients to help them better understand what they are buying and how coverage is triggered.
We work with Property Managers and Self-Managed properties alike. Call and ask for someone on the Condominium Association & HOA team to get a thorough review of your current program. We will be happy to provide feedback about strengths and weaknesses of your current program, and provide suggestions about how to upgrade coverage and possibly cut costs. No sales tactics, just honest answers.