How to Choose a Qualified
HOA Condo Association Insurance Agent

YES NO HOA INSURANCE SHOPPING CHECKLIST
 Checked Does the agency specialize in insuring homeowners associations?

(insures a minimum of 50 HOA clients)

Tip: If your current agent is not an HOA expert, you should ask for free insurance review from HOA specialist to be sure your policies are written correctly

 Checked Does the agency also solicit business from individual unit owners (i.e. writes condo, home, auto etc.?)

Tip: This presents a possible conflict of interest & things could get messy if a unit owner makes claim against association

 Checked Does agent ask for your CC&Rs and does he/she have the expertise to understand them?

Tip: Absolutely critical! The unit interiors and other endorsement requirements are dictated be CC&R verbiage. If a mistake is made here, you may find out you are not covered for a claim or you have been overpaying for your policy

 Checked Does the agent tailor policies to current CA Davis-Stirling Guidelines?

Tip: ANOTHER MUST! Your association must follow California Civil Codes; Individual owner & board member assets could be exposed if you’re not in compliance. Laws change frequently so agents must be knowledgeable and well informed.

 Checked  Checked Is the agency an independent broker or a captive agent, i.e. Farmers, State Farm, and Allstate?

Tip: If you are currently with a” captive” be sure to also get a quote from an independent agent as well to be sure you have the proper coverage at the best possible price. Markets can change and you may find better coverage or pricing than was available a couple years past. Many times other companies beat the “big three” but sometimes you are better off keeping current policies. An honest, independent agent with no skin in the game should tell you when to move or stay put, even if it means losing the sale. IF ANY AGENT TRIES TO PUSH YOU INTO A SALE THAT DOES NOT MAKE LOGICAL SENSE (i.e. broader coverage, more stable carrier, better pricing, HOA expertise to rely on etc.) THEN DO NOT DO BUSINESS WITH THEM, PERIOD!!!

 Checked Can you expect agent to actively review your accounts annually for changes in coverage needs & any possible cost saving opportunities which may arise?
 Checked Will they provide an easy to understand comparison of these proposals so owners can see the differences in each contract, enabling them to make an informed decision?

Tip: A competent agent will offer a side by side “apples to apples” informational sheet which explains each coverage variation and what that means for your association. They should also be able to intelligently discuss the pros and cons of each option so the board can make a decision based upon facts and not hard pressure sales tactics. If a low-ball price is thrown out with no coverage details PROCEED WITH EXTREME CAUTION!!!

 Checked Do they provide insurance renewals in a timely fashion?

Tip: Your agent should go out to remarket your account 90 days in advance of renewal and the board should receive renewal proposals at least 20 days prior to expiration. IF YOU GET SLAMMED WITH RENEWAL PAPERS A FEW DAYS BEFORE EXPIRATION IT IS TIME TO SHOP FOR A NEW AGENT!

 Checked Does the agency make sure your policies are in compliance with Fannie Mae & Freddie Mac requirements?
 Checked Does your agent have the tools and expertise to accurately evaluate the replacement cost for your structures?

Tip: THIS IS THE MOST COMMON MISTAKE I FIND WHEN DOING HOA RISK REVIEWS. If you do not have enough coverage, your insurance company may reduce your claim settlements.  If the property is over-insured you are going to be stuck paying for coverage that you don’t need to.

 Checked Will they produce unit owner letters so members know what coverage they need personally to tie into the association’s coverage?
   
 Checked Does the agency provide annual disclosure statements so that you don’t have to do the work necessary to comply with the Civil Code?

GREEN CHECKS INDICATE THE KNOW-HOW AND ETHICS YOU SHOULD EXPECT FROM YOUR AGENT

Insurance Risk Review | HOA Quote Form

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Tell us about your association?

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What can we do for you?

Fire/Package Quote ~ Earthquake Quote Liability Quote
Directors Officers Quote ~ General Coverage Question etc

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