Insurance is one thing that HOAs, also known as Homeowners Associations, shouldn’t skimp on. You need to have the best possible protections in place in order to protect your HOA from liability lawsuits and more. The last thing that you want is to call in a claim due to storm or fire damage to the condo building, only to find that your insurance broker has seemingly disappeared or won’t honor your policy due to “fine print” limitations. In order to avoid this situation, you need a broker who is trustworthy, among other things.
So, how do you ensure you’re dealing with the right insurance agency for your HOA? Here are a few things to look for.
Ask for Recommendations
Your HOA is no doubt near a number of other ones, making it easy to reach out to them to see which insurance agency they use. From there, you can either choose to use one of the companies that they do or go in the general direction that they send you in and pick one of your own. This is the easiest way to find an agency who specializes in or provides insurance to HOAs.
Check Their Policy Options
Once you find an insurance agency who seems reputable, it’s time to see if they offer the policies that you need. After all, you need more than one type of insurance in order for your HOA to be fully covered. You’ll need, at a minimum:
- Liability Insurance – Liability insurance is a good idea for an HOA to have, just in case an accident occurs on the association’s property for which they might be liable for. A good example of this is a slippery lobby floor without proper signage in place warning people of the hazard. When someone slips and breaks a leg or an arm, they could sue, as the HOA is liable for their injury.
- Building or Structure Insurance – This policy will cover the building that houses the condos or apartments that are a part of the HOA, providing a safeguard should something happen to the walls, foundation, or roof. It also takes care of the interior shared spaces, such as the staircases, lobby, elevators, and more.
Choose Your Policy Amounts and Insurer
One of the best things about independent insurance agencies is the fact that they offer insurance policies from many other well-known companies, allowing you to compare your rates right then and there. At this point in the insurance buying process, you can pick the policies that fit both your needs and your budget with the help of your insurance agent. This way, you’ll have the coverage that you need at a price you can afford. Plus, your agent can go over all of the fine print and other information with you.
Have Questions? Contact Charlotte Insurance
Want to learn more about insurance for your HOA? If so, contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your HOA needs.