The Uncommon Area

Insurance companies may not want to insure your HOA | Ep. 41

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Jonathan Naranjo of Newfront Insurance discusses what HOAs can do to make insurance companies more eager to provide insurance coverage for them.

Key Topics Covered

1. Understanding Insurance Market Dynamics:

  • Explore why insurance rates are increasing, especially for residential risks like high-rise condominiums.
  • Learn about the impact of catastrophic losses on insurance capacity and rates.
  • Discuss how property values and construction costs affect insurance premiums.

    • 2. Importance of Mitigating Risks:

    • Highlight the significance of risk mitigation measures within HOAs.
    • Discuss strategies to prevent common risks like water damage and liability claims.
    • Explore the role of technology such as wireless water detection systems in risk management.

      • 3. Broker’s Role and Bidding Process:

      • Understand the role of insurance brokers in obtaining multiple proposals.
      • Learn about the bidding process and why having multiple brokers submit proposals may not be beneficial.
      • Explore how brokers communicate marketing efforts and proposals to HOAs.

        • 4. Navigating Insurance Applications:

        • Address challenges with filling out lengthy and complex insurance applications.
        • Discuss resources and methods to determine property details like square footage and construction type.
        • Highlight the importance of accurate documentation for insurance underwriting.

          • 5. Tips for HOAs:

          • Encourage proactive risk management and documentation.
          • Discuss ways to communicate with insurance brokers effectively.
          • Provide insights on preparing for insurance renewals and policy reviews.

            • The post Insurance companies may not want to insure your HOA | Ep. 41 appeared first on Action Property Management.

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            The Uncommon AreaBy Action Property Management