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7 easy steps to purchasing condo association insurance

  
  
  
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  1. Research condo association insurance companies before condo association insurancebuying homeowners association insurance. The loss ratio varies greatly from company to company making the premiums also vary.
  2. Shop around for an independent condo association insurance agent who has extensive knowledge on homeowners association insurance. Some of the larger insurance companies like State Farm and Travelers offer master insurance policies specifically designed for HOAS.  Study condo association insurance policies thoroughly. Make sure your policy has fire and hazard, directors and officers liability, employee dishonesty and general liability coverage.
  3. Consult with your condo association insurance agent to see if you need additional coverage such as earthquake, building ordinance or law coverage. Earthquake coverage is only purchased if you live in a region that is likely to have earthquakes. Earthquake insurance is usually 10 percent of your premium. Building ordinance or law coverage is always good to have, as it covers increased construction cost if it is necessary to make building changes due to zone or building laws.
  4. Determine what your insurance premium should be with your agent. Deductibles start at $2,500. Of course the higher the premium, the less the homeowners association will have to come up with out of pocket.
  5. Explain thoroughly to all condo association members in the plan that they must carry homeowners insurance and that the homeowners association insurance does not cover their contents or personal belongings.
  6. Delegate that condo board of directors and officers be employees, so they can be covered under the employee dishonesty section of the homeowners association insurance.

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COMMENTS

What do we do if the Board dilutes the Association insurance policy so that we do not have theft and vandalism coverage in the off season, and limited fire coverage in the off season? The property is a seasonal summer property that is closed from Nov. 1 to May 1. The Declarations require a comprehensive rather than named peril policy. The homeowners were notified seven days before the closing date that there would be no theft and vandalism coverage, and did NOT notify the homeowners of the reduced fire coverage. We found that out when we called the company ourselves. Travelers would not give us any additional information or a copy of the policy...and the Board has refused to mail/email or ask the insurance company to send us a copy. Our mortgage company has asked for this information so that we can get coverage on our own policy to make up the difference.

posted @ Thursday, November 18, 2010 7:25 PM by Linda

We are in Orlando Florida. We have been told by our Association that no GAS BBQ or Charcoal are permitted because of a stipulation in our Insurance Cover. I report a GAS BBQ in a Lanai on a plastic table with a table cloth on & I am told that the association cannot remove the BBQ it is against the law.Does this make sense is the Association correct?

posted @ Tuesday, June 21, 2011 7:24 AM by Les

Does Tennessee require HOA's to put in researve a certain about per condo.. For example, $500 per condo in researve

posted @ Tuesday, December 13, 2011 4:06 PM by Debby

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