Reducing Insurance Cost:
HOA insurance coverage new rules apply, but you may still be able to lower your insurance cost. For instance, I recently quoted a newer Home Owner Association which was paying $72,000 for insurance. My quote with Farmers: $16,000! No kidding! The solo broker had placed the Association with a super Non-Competitive and Surplus Lines carrier. Their smart Manager recognized the huge price and asked me to quote it. You can imagine how happy the board was with a $56,000 annual savings!
New Rules:
Farmers rates have increased too, but not nearly as much as so many other carriers huge price increases. NOTE: if your Association falls into any of the below three types, Farmers cannot insure it, sadly. Everyone else is welcome to reach out to me for a bid.
- Replacement cost of the buildings is more than $50,000,000
- Buildings are more than 50 years of age
- More than 24 units per building
If your Association has seen a big spike in their prices, give me a call. Farmers accepts Mid-Term customers too so your HOAs can start saving now.
Thank you and as always, please call me when you need professional insurance advice or a bid!
For more detail see this blog post which explains Why HOA Insurance Rates are Up and Smart Ways to Lower them.