Are you a property manager looking for competitive insurance for your HOA's?  Have you had trouble finding Property and Liability insurance that is competitive?  Are Wind and Hail deductibles so high it can put your HOA at risk? What can you do about it?  We have answers.

Wind Hail deductiblesEvery insurance company in Colorado has moved to a % deductible for wind and hail. The rule of thumb is any property total insured value over $3million will have this percentage  

Are lower deductibles availableOnly if the TIV is less then $3million

Can the HOA purchase a deductible buy down policyYes. It can be expensive but on large HOA’s might make sense

Is the Wind Hail deductible per buildingYes. If you only have 3 buildings needing replacement roofs, the % deductible applies to the total loss on just those three units.

Does Work Comp cover volunteersNo. Pinnacol is the only option for HOA Work comp that is affordable.  The rate is around $500 per year. Covers injury from an uninsured contractor for example.  The Property manager should be getting certificates of insurance from every contractor

Does D and O cover the property manager as well as the board membersYes, or it should.  Some policies this is excluded.  I make sure you are protected in addition to your own polices

Is an Umbrella a good ideaI recommend a min of $1mill excess liability coverage for all HOA’s

Crime and Fidelity insuranceColorado law states The coverage limit must not be less in the aggregate than two months of current assessments plus reserves OR a higher amount if required by an Association’s bylaws.

Loss AssessmentEvery owner should carry an HO 6 condo policy with a minimum of $5k in loss assessment. As your agent, I would be available for board meetings to discuss this with the owners as well as send a postcard.

Carriers we offer coverage throughTRAVELERS, UNITED STATES LIABILITY INSURANCE, MARKEL, SCOTTSDALE, LIBERTY MUTUAL, NATIONWIDE, AND MORE….

Co-insurance penaltiesDON’T GET CAUGHT WITH COINSURANCE PENALITES. IT IS AN ERRORS AND OMMISSIONS CLAIM. A buildings replacement cost actually valued at $1,000,000 has an 80% coinsurance clause but is insured for only $750,000. Since its insured value is less than 80% of its replacement value, when it suffers a loss, the insurance payout will be subject to the underreporting penalty. AGENTS WILL UNDER VALUE THE REPLACEMENT COST OF AN HOA TO SAVE PREMIUM AND IT GOES UN NOTICED TILL THERE IS A CLAIM AND A PENALTY IS ASSESSED.   WE DON’T DO THIS.

Equipment Breakdown coverageIncluded to building limits.