The Condo Complex's Insurance Company

Started by AlexL1 • 4 replies • 1283 views

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AlexL1 (Florida)
Posts: 305

Posted:

Not sure how to ask this so will just start.... We are not overly happy with the insurance company that we have and as you all know, a lot of our funds go out for payment to the Insurance company each year. We are going to have a meeting soon with the insurnce company just to talk about things in general. I know they are ripping us off but do not know how to put it into the general talking points that we are going to have when we meet with the agent... Any sugetions?

GlenL (Ohio)
Posts: 5,491

Posted:

Alex, if you’re not happy with your insurance company (or agent) why not shop around? That is unless you can’t change for whatever reason. If that’s the case and they know they have you by the shorthairs then I wouldn’t expect a major change in attitude from them. If it’s too bad then you can file a complaint with the Florida Office of Insurance Regulation

http://www.floir.com/

Studies show that 5 out of 4 people have problems with fractions

RobertR1 (South Carolina)
Posts: 5,164

Posted:

Alex,
Glen is dead on and I would suggest that no insurance be written until it is shopped. We are fortunate in that we have a retired insurance guy on the Board, we have several other owners with strong insurance backgrounds and all say, shop around, in fact our documents demand this. It is also interesting that (apparently) our condo insurance is a floating kind of a deal and may even go down to the last day of the old policy to renew a new one. I guess rate are in constant flux and an expert can get the best deal. No matter who services the product, it should be shopped.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Alex,

Specifically what are you not happy with?

Additionally, you should always get three or more bids on any contract (insurance policy included). This should be done at every renewal. Bids for insurance should be gotten at least every three years. If your happy with the services, invite them to bid. If your not happy, don't invite them to bid (although read the contract some have right to bid language in them).

Tim

RogerB (Colorado)
Posts: 5,067

Posted:

Alex,
We manage a townhome association which has an insurance carrier which added a wind/hail deductable of $500,000 for roof replacement this year. So I have been searching for another insurance company. Last night, after researching insurance, we had the company with the best bid present at a Board meeting. After their presentation there was a unanimous vote by the Board to go with the new insurance company immediately. Besides getting rid of the wind/hail deductable the premium was reduced from $25K to $12K. So my suggestion is go shopping to find the best insurance for your HOA

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