Any HOA/Insurance experts here??....

[+ azdr0710]

I'd like to research other insurance companies for our HOA townhouse/condo coverage.....currently with State Farm, which I was told years ago is the cheapest, and service has been great with them......but the current premium went up significantly after a somewhat-large claim last year and one of the owners here is suggesting we look for another group......Country Financial has been suggested......I know there are others.....

 

does anybody here have comments on Country Financial?....I know I could check yelp et al, but wanted some "unbiased" (??!!) opinion from here......other company suggestions?......

 

I know to compare apples with apples when getting bids, of course.....any other ideas?......thanks a lot

 

[bigvalboy]

Our building is insured with Pettineo Insurance Group based in florida. Our previous policy had three different carriers, with Citizens being the primary, but they went up significantly a few years ago after the threat of hurricanes. Pettineo is an insurance broker and they were able to wrap our liability, comprehensive, flood and wind under one carrier Lloyds of London, which also included insuring the board of directors. The savings was several thousand dollars per year. This year, despite the hurricanes, our insurance dropped again. Lloyds of London took off an additional 15% because we installed a new roof, and dropped our requirement for a 'wind mitigation' report.

 

We have found that wrapping our insurance policy under one carrier is a significant savings, because one carrier can be more competitive than three. My advice would be to find a good broker that will work with you.

 

Good luck...

Edited March 1, 2018 by bigvalboy

[rvwnsd]

I agree with @bigvalboy . My previous HOA used a broker and ended up saving quite a bit. There is a catch, though. If your premium increased due to a large claim, you might find that your premium will be the same/higher or that you can't find another policy. I'd suggest shopping around and discussing the situation with your current agent.

[Electra225]

It all depends upon the state you are in as well as any and all past claims your HOA has either made or been made against the HOA. It also depends upon the quality of your facility (age, etc.) and the general experience that all insurance companies have had in your date or area (such as hurricanes, fires, etc.). The main thing is that you want a highly-rated insurance company that has the ability to pay claims, has excellent customer service, and is highly rated. Quality is not cheap, but if you don't go for quality, you and the other members of the HOA may pay dearly if there is a serious claim. I suggest that you meet with a qualified independent insurance broker who is able to provide research and solid quotes. If your HOA has a management company that takes care of operations, etc. , you should ask them for suggestions and information.

Edited March 1, 2018 by Electra225

[+ bashful]

My car, condo, and umbrella is all with State Farm. I thought of dropping them when our condo garage flooded after a huge rain storm, and my car was under 3 feet of water. The claims rep, brought in from out of state due the number of claims, said it was a $1,7oo repair. I could have strangled him when he told me that.

 

The only good thing was he suggested I have it towed to the selling dealer for repair. They were great. Literally took out the interior down to the metal, and called me, and said I should have my claim adjuster come out. It was then declared a total loss.

 

I'm sorry for wandering, but while I thought of leaving State Farm, I learned that Chubb had, at that time, one of the highest satisfaction rates regarding claim resolution. Never pursued further, so no idea how competitive rates are.

[+ Funguy]

I had Chubb for my house - they were fantastic when I had a fire. Shelled out oodles for me and my two dogs to live for the next 22 months until I could move back in. (Hotel for 7 months, incl. restaurants for breakfast and dinner and a rental house for 15 months.) After moving back in my premium actually went DOWN due to some of the methods/materials used in the rebuild!

 

And yes, the rates for Chubb were higher than most companies but the service was well worth it!

[Kevin Slater]

Since we've moved away from discussing HOA insurance, let me chime in that I believe USAA is hands down the best. (Suspect they don't cover HOAs, but don't know.)

 

Kevin Slater

Edited March 1, 2018 by Kevin Slater

[LaffingBear]

I'd like to research other insurance companies for our HOA townhouse/condo coverage.

 

Our CA HOA, the buildings, the grounds, "common areas" are covered by Farmer's. A few years ago, after claims, they didnt raise premiums... they threatened non-renewal. We were dismayed by how many carriers won't write HOAs, or won't unless they're claim-free for years. State Farm (my individual condo policy carrier) wouldn't consider any new HOA client unless claim-free for 3-years. Luckily, we worked it out and stayed with Farmers.

 

I don't know anything about Country Financial . But if you had a large claim last year, finding alternatives won't be easy. I'd have your agent speak with underwriting regarding the premium increase. You may be able to address an issue. E.g., new handrails if the claim involved stairs, or add sprinklers after a fire, or parking improvements, or.....

 

We're paying approximately $1000 per year per owner, if that info helps.

[bigvalboy]

You might also check out Travelers Insurance. They insured our HOA for a brief period end of 2016, they were very competitive price wise and allowed the insurance bill to be paid in quarterly installments, something that Lloyds of London does not permit.

Edited March 1, 2018 by bigvalboy

[RM]

I don't understand why you are answering two different questions. I think the question is about the insurance on one condo. I'm happy with State Farm for auto, condo, and umbrella. The condo insurance is a few hundred dollars. The HOA insurance is well over $100k and we're happy we can get insurance.

[+ bigjoey]

I had Chubb for my house - they were fantastic when I had a fire. Shelled out oodles for me and my two dogs to live for the next 22 months until I could move back in. (Hotel for 7 months, incl. restaurants for breakfast and dinner and a rental house for 15 months.) After moving back in my premium actually went DOWN due to some of the methods/materials used in the rebuild!

 

And yes, the rates for Chubb were higher than most companies but the service was well worth it!

 

Another vote for Chubb. Slightly more expensive BUT when you do have a claim, their service is amazing. I had an incident that required rebuilding, too. They sent me money in advance to pay contractors, hotel bills, etc. I would then send them receipts. At the end, I had to return some unused funds. No haggling. Great company; sometimes, you DO get what you pay for.

[HotWhiteThirties]

The suggestion that several have made to contact an insurance broker is a good one and one I would make as well. These brokers are able to shop multiple carriers, and a good one can help compare coverages side-by-side, including financial ratings of the prospective companies. The thing to know about Lloyd’s of London, as has been suggested, is that it is not an insurance carrier, but instead an “insurance market.” Essentially a risk profile/portfolio is assembled on a particular asset and a price for transferring that risk to investors in that market is charged. It allows for a fully customizable product, and is often used to insure assets where no other standard insurance products exist.

 

Another thing I’ve observed, which underscores the benefits of using an insurance broker, is that insurance companies are often pricing the cost of assuming risk based on their overall risk portfolios of all the risks they have assumed as a carrier - and not simply on the individual customer’s claim history. For instance, it could also be that State Farm has more risk exposure in condominium policies in their current portfolios than they wish to maintain, and in order to balance them with other risks, they will raise premiums to deter new policies from being written for the same types of policies and/or to “shed” (for lack of a better word) some of the current policies that will look elsewhere for more affordable options. They may also choose to stop writing policies all together for a certain type of asset based on their risk portfolio. At the same time as this is occuring for State Farm, another carrier may also be attempting to increase their policy count in the same risk category and will lower the rate of premiums to attract those types of policies. Our insurance broker prices the risk on all of our policies annually to a variety of carriers who share solid financial ratings at identical coverages. This helps reduce the chances that we float along paying higher premiums due to conditions that aren’t related to our individual claim history, but instead other factors and objectives that an individual carrier might be pricing into the cost of providing coverage.

Edited March 1, 2018 by HotWhiteThirties

[Epigonos]

Community Association Institute is a national nonprofit organization serving the needs and the interests of HOA's and the companies that service HOA's. Its membership consists of HOA service providers, HOA management companies and HOA volunteer board members and homeowners. There are chapters all over the U.S. Most chapters publish a yearly membership directory. This directory is invaluable to HOA Boards as it lists service providers, including local insurance agents, who are accustomed to working with HOA's. Most chapters have a web site that lists the various services that the organization provides, these might include monthly luncheons with speakers addressing various HOA issues, and classes for volunteer HOA board members (excellent) to name just two. This organization is an outstanding source of information regarding all aspects of HOA management.

Edited March 3, 2018 by Epigonos

[johnjohn]

I had one of my rental house with Safe-co/Liberty Mutual a tree feel on my house during Hurricane Matthew, took me almost a year 362 days before they settled with me, they were offering $64,000.00 , after i would not settle, the Apprasial Clause was invoked. I had to hire appraisser < best thing i ever did, Cost me $8800.00 dollars , but Ended up being $172,000.00 . Now another 6 months to fix it , or sell as is and keep the $$