As we enter a New Year the insurance market unfortunately remains very difficult as carriers continue to make meaningful coverage changes for community associations at renewal. Below are some tips that I hope will help your community navigate a challenging insurance renewal with confidence.
-Budget Accordingly:
At this point the “hard” insurance market is not a secret. I encourage you to set up transparent budget meetings
with your agent regarding what to expect at renewal. This will help prepare your community and avoid a situation in which you are discussing an unplanned increase at renewal.
-Know Your Roof Age and the Implications:
Numerous carriers are changing the way that they value roofs based on age. This can have serious implications
when it comes to the monetary amount received after a claim. Reviewing your property coverage carefully and
ensuring that you have full replacement cost coverage should be a crucial part of your renewal process.
-Review Underwriting Information:
Getting ahead of updating appraisals, wind mitigation forms, roof certifications etc. can help you avoid scrambling to get these items completed. This will allow you to focus on comparing options and selecting the most efficient insurance program at renewal.
-Andrew Massie, CPCU | Condo/HOA Insurance Specialist | Email: AMassie@plastridge.com | 561-801-0577
