Chris is a longtime HOA board member and member of the Community Associations Institute, which puts us in a unique position to understand the intricacies of condo associations and master insurance policies. Some of the services we provide include assessing losses to determine whether filing a claim warrants the potential surcharge, ensuring coverage meets CC&R requirements and is updated to keep up with increasing building costs (without overcovering), processing certificate requests within hours, working with underwriting to ensure all available discounts and credits are applied, and coordinating with property managers.
We have insured nearly 100 condo associations, some of which have been with our agency for over 15 years.
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Click below to see how we have been exceeding expectations for over 20 years.
Insurers We Work With
We work with a variety of Insurers but here are a few of our most popular.
Insurance coverage for the condo building and anything attached to it. Coverage limit is based on a replacement cost valuation. Many policies include agreed value, extended replacement cost, or guaranteed replacement cost, which acts as an important safety net.
If you experience a loss that is severe enough to require permits to repair, the local government may require you to modify your building so that it adheres to current building codes. Ordinance coverage pays to rebuild (ordinance A), demolish (ordinance B), or upgrade (ordinance C) if it is required by law. Unless the apartment is brand new or recently renovated, we recommend at least 10% ordinance B & C.
Covers embezzlement of homeowners association funds. We recommend a limit exceeding the maximum amount in HOA accounts.
Covers HOA fees that are uncollectable and any extra expenses associated with a loss that renders condominium units uninhabitable.
Offers insurance coverage if, for example, a toilet, tub or sink overflows and damages the condo building. Recommended is a limit of at least $50,000 per floor.
Covers damage from sprinklers that leak after an earthquake at a deductible that is typically much lower than an earthquake insurance deductible.
Protects the homeowners association financially if held responsible for injuries or property damage. A limit of at least $1,000,000 is recommended. This would cover the vast majority of losses, and help to prevent a situation where the HOA runs out of coverage and must pay out of pocket.
Covers directors and offers as individuals if they are held responsible for wrongful acts associated with their homeowners association duties. We offer broad insurance coverage other insurers do not, such as: nonemployee discrimination and harassment; employment practices; defense costs outside limits; punitive damages; full prior acts; no exclusions for adequate reserves, noise or failure to insure; defense costs for breach of contract and dishonesty/fraud that is not proven; and crisis management for medical expenses, counseling and extra security measures. A limit of at least $1,000,000 is recommended.
With our easy process, you can rest assured knowing that you are getting the best value and most coverage for your dollar.
Collect the bare minimum information.
Present a quote, including all available discounts.
Offer recommendations to improve coverage or lower premium.
Bind coverage and provide insurance documentation.