11 Points Regarding The HOA’s Insurance Agent
Insurance agents, like doctors, have a broad range of specialties and areas of expertise. Fortunately, community association insurance is one of them. HOAs have unique needs and exposures. The insurance agent serves the HOA by:
- Reviewing the HOA’s documents, recommending the legal minimum insurance requirement, and recommending additional coverage that might be appropriate.
- Inspecting the community and identifying exposure that needs to be addressed.
- Verifying the property values for replacement and/or reproduction costs.
- Reviewing the HOA’s fidelity bond, and ensuring that all appropriate parties are included.
- Obtaining premium quotations and helping the board select the best program.
- Educating the board about coverage, exclusions, and limitations.
- Educating the residents about the HOA’s policy, where it stops, and where the residents/owners’ responsibilities begin.
- Offering the unit owners special coverage and reduced rates.
- Providing certificates of insurance or evidence of coverage to lenders.
- Helping the board decide how claims and deductibles will be processed.
- Reviewing the HOA’s claims annually and recommending how to reduce future claims.
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