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 their master insurance policy. We access insurers brokers cannot, and often offer superior premiums and coverage, to include guaranteed replacement cost and broad directors & officers coverage. Some of the services we provide include ensuring coverage meets CC&R requirements and is updated to keep up with increasing building costs (without overcovering), assessing losses to determine whether filing a claim warrants any potential surcharge, 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 over 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 the HOA experiences a loss that is severe enough to require permits to repair, the local government may require that the building be modified to adhere 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 condo 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.
Income and Extra Expense
Covers HOA fees that are uncollectable and any extra expenses associated with a loss that renders condominium units uninhabitable.
Sewer & Drain
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.
Directors & Officers
Covers directors and officers as individuals if they are held responsible for wrongful acts associated with their homeowners association duties. We can offer broad insurance coverage under our HOA master insurance policy 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.
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Collect the bare minimum information.
Present a quote, including all available discounts.
Offer recommendations to improve coverage or lower premium.
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