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Looking for condo association insurance guidance

Posted on Mon, Nov 16, 2009 @ 05:36 AM
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I have been a member of the condo assocation board for the last 3 years. I find that, despite the fact that we are spending about a thousand dollars a month for condo association insurance, neither I nor the other association board members have near a real understanding of our condo association’s insurance needs; risks to be protected against, potential savings vs assumption of increased risks, etc.

We have had talks with insurance agents but are aware that the more that we are insured against risks, the higher the premium and the more the agent stands to gain financially. The result is that we often feel that we have received more sales talk than information or objective advice.

What we feel we need is an expert in condominium association master policy insurance who does not stand to gain from our purchase of insurance and who will, for a fee, educate and advise the board in this matter so as to enable us to make rational decisions. We have searched for such a person and continue to do so but so far have come up empty. Should anyone have any advice, suggestions, comments or recommendations we will welcome and appreciate them.


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Comments

I can offer you some unbiased advise. I have a great deal of experience in this area.
Posted @ Monday, November 16, 2009 7:11 AM by Jay Fink
We are a company that performs all the related insurance services needs for the condominium assocation such as commercial appraisal/valuations,wind mitigation affidavits,reserve studies etc. We would be happy to inform or assist you in this matter. We even offer some free servies. Just drop John an e-mail  
 
at jfelten@fpatadjusters.com.
Posted @ Monday, November 16, 2009 8:12 AM by John Felten
I know that Reserve Advisors, Inc. offers to also review your insurance and your needs and provide recommendations for you, if you are looking for a third party opinion. I am sure other companies perform this service, and most are probably reserve fund related. 
 
Most insurance agents I deal with are fairly open and honest about their products. Sure, they want you to buy more, but they value you more as a long term client. 
 
Know what you want. A higher deductible results in a lower premium and less claims, but if an event did occur, you would need to make sure you had that deductible. Depending on size, I usually recommend a $5,000 to $10,000 deductible for mid to large associations (50+ is what I consider a mid size) and to have a CD with your deductible. 
 
Anything 20-50, I recommend $2,500 and anything less than $20, a $1,000 deductible.  
 
Don't file claims unless you need to. Have a policy on claim filing. 
 
Your documents should define what you are obligated to do. The rest, unless prohibited by your documents, is up to you as a board.
Posted @ Monday, November 16, 2009 11:01 AM by Joe Schuirmann
I would be more than willing to answer any questions you may have. Will you provide more detail about your particular situation? In what area are you most concerned? Where exactly are you located? It is my opinion that the folks at this website have good vendor relationships. You want want to seek their council.
Posted @ Wednesday, November 18, 2009 8:36 AM by Emerson Poort
Hello - I am an insurance broker -  
 
and I handle some condo associations - find a broker that you trust to give you all of the information/details, and explain them to you. They are your best source of information. Our main concern as the broker is to make sure that you are properly protected, that you have coverage in the event of that unforseen lawsuit or fire, or theft by employee. 
 
Please feel free to email me if you need some help. 
 
Good luck and happy hunting.
Posted @ Monday, November 23, 2009 10:36 AM by Sheila Maher
Mold and rotted wood was recently discovered due to exterior water leaking - perhaps causes by flashing problem. Our condo insurance has rejected the claim for repair stating it was a pre-existing condition. Any advice?
Posted @ Friday, January 01, 2010 7:18 AM by jay allison
Sounds like you need to pay for repairs either by assessment or HOA loan.
Posted @ Friday, January 01, 2010 12:14 PM by Jed
Live in NH. Recently with bad storms many large trees on condo property have fallen.Many of which w/in 20-30 feet from our condo building. If a tree strikes our condo building with serious damage, 
 
who is responsible? Our property mgmt company has an umbrella insurance. 
 
 
 
Many Thanks, 
 
Melinda
Posted @ Sunday, March 14, 2010 11:26 AM by Melinda
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