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.
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