Insurance companies may not want to insure your HOA | Ep. 41

Jonathan Naranjo of Newfront Insurance discusses what HOAs can do to make insurance companies more eager to provide insurance coverage for them.

Key Topics Covered

1. Understanding Insurance Market Dynamics:

• Explore why insurance rates are increasing, especially for residential risks like high-rise condominiums.
• Learn about the impact of catastrophic losses on insurance capacity and rates.
• Discuss how property values and construction costs affect insurance premiums.

2. Importance of Mitigating Risks:

• Highlight the significance of risk mitigation measures within HOAs.
• Discuss strategies to prevent common risks like water damage and liability claims.
• Explore the role of technology such as wireless water detection systems in risk management.

3. Broker’s Role and Bidding Process:

• Understand the role of insurance brokers in obtaining multiple proposals.
• Learn about the bidding process and why having multiple brokers submit proposals may not be beneficial.
• Explore how brokers communicate marketing efforts and proposals to HOAs.

4. Navigating Insurance Applications:

• Address challenges with filling out lengthy and complex insurance applications.
• Discuss resources and methods to determine property details like square footage and construction type.
• Highlight the importance of accurate documentation for insurance underwriting.

5. Tips for HOAs:

• Encourage proactive risk management and documentation.
• Discuss ways to communicate with insurance brokers effectively.
• Provide insights on preparing for insurance renewals and policy reviews.