Seeking Guidance on Community Insurance Renewal Process

Started by VenkyI • 9 replies • 148 views

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VenkyI (Washington)
Posts: 3

Posted:

Dear Fellow Colleagues,

I am a board member of our community, which has close to 200 units. A couple of months ago, our insurance broker sent us the renewal quote for our community insurance, giving us only one week to review and approve it. The premium had increased, and we felt pressured to agree without sufficient time to explore other options.

Unfortunately, this has been a recurring issue year after year, despite our repeated requests to receive at least 90 days’ advance notice. The rising insurance costs are also putting a strain on our HOA’s budget.

Our community is located in the greater Seattle area of Washington State. I would greatly appreciate any suggestions or guidance on how to address this situation and ensure a fairer, more transparent renewal process.

Thank you,
Venky

DeanJ
Posts: 1,786

Posted:

There will be people posting behind me stating why you want to stay with one company, but 60-90 days prior to the expiration your board should be obtaining quotes. This means contacting other brokers to get quotes from more insurers.

Also you may contact your current provider and get a different broker since the one you have ignores your communications. There is no reason you should not have a new quote 30 days prior to expiration.

VenkyI (Washington)
Posts: 3

Posted:

Thanks so much, I will look into this. This is helpful.

JackieB4 (California)
Posts: 398

Posted:

Dean simplifies issues and get's to the POINT. (thanks) The squeaky wheel get's greased. Onward!!

TimB4 (Tennessee)
Posts: 21,059

Posted:

I agree with Dean

LetA (Nevada)
Posts: 2,679

Posted:

I wonder how much of that premium goes to pay commissions. What Dean said is solid. Shop around.
Look at your current coverage's and see what your community needs are. Perhaps you are over insured our
paying insurance for items your community does not need.

VenkyI (Washington)
Posts: 3

Posted:

Thanks all, will surely look into this, any suggestions on a good insurance company that takes care of community insurance?

SheliaH (Indiana)
Posts: 6,964

Posted:

We aren't allowed to list specific companies or communities on this website. Do some Googling and ask people in other communities who they use. I believe there are independent insurance agents who m8ght also assist you.

As you start looking, pay close attention to the number and amount of claims you've filed over the last 3-5 years, because that will have a huge impact on the quote. You may need to increase your deductible and do a risk analysis to identify problem areas and consider how to address them

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

TimB4 (Tennessee)
Posts: 21,059

Posted:

When I searched for quotes two years ago, we asked all of the local big companies and two insurance brokers.
The insurance brokers had the best price for us.

TristaJ (Texas)
Posts: 96

Posted:

My nephew is a broker, and in TX, it's hard to find a broker without signing a contract first. Our HOA somehow managed to find a broker (not my nephew) that we didn't have to sign a contract with and he really got us the best deal.

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