HOA Insurance Basics
Frequently Asked Questions
How do I go about getting an insurance quote for my Homeowners Association?
You may contact us by many convenient methods:
- Click on the request a quote button at the top our website and complete and send a quote form
- Call us: (310) 945-3000
- Fax your request : (310) 945-3001
What do I need to provide you in order to get an insurance proposal?
In order to bid your HOA or COA insurance correctly we will need to see a copy of your dec page from your current coverage and also a copy of your CC&Rs (condo associations only).
*If you have multiple buildings we will also need a map of the complex with the addresses marked
We will also need about five minutes of your time to answer some questions required by our carriers before we can get a price for you.
Why do you need to see my dec pages and/or cc&rs?
Unlike many other agents , we take the time and we make the effort to do the job right for our clients. We work hard to make sure that you have correct coverage for your property so that you are not left high and dry should a claim happen. Also, it is vitally important that condo associations have coverage that not only complies with the Davis Sterling Act, but also matches the coverage guidelines dictated in your CC&Rs.
How do I know if I have the right coverage for my property?
Sadly, many local agents who do not often handle Earthquake, Condo or Commercial policies often make mistakes when selling these coverages.
You need an independent agent who is an expert that specializes in writing earthquake policies, association insurance for condos and property coverage for commercial buildings to assess your current policies for defects. We will be happy to look at your current coverage and provide you with a risk review free of charge, no obligation. If you already have the correct coverage at the best price, we will give you the honest answer and tell you so. Don’t worry you will never be blasted by the hard sell. We believe that by providing consumer education, by offering outstanding service and by simply doing the job better than our competitors we will earn your business.
How do I know if I am paying the best price for my insurance?
If your current agent has not multibid your insurance on a yearly basis then you could be paying more than you should. Also, if you current agent does not have access to all the right carriers or programs you may not be getting the best deal. In addition, your agent may not be structuring or layering your coverage in right way for the best value for your insurance dollars. Another factor influencing your price is whether or not your agent is able to effectively negotiate with carriers.
If you are in doubt, think you are paying too much, Give us a call and we will do everything we can to get you the best coverage at the lowest possible price.
Why can’t I ask many agents to bid for my insurance all at once?
Earthquake insurance companies work on a brokerage basis, that means they will only speak with the representative for the insured. The first broker to submit the application on your behalf is your agent. Every other agent will be told that they already received a submission and will not talk to other brokers unless you give written notification that you are appointing a different broker to represent you.
The reason insurance companies do this is because they do not want to find that they are bidding against themselves and wasting their resources bidding the same business 3, 4 or 5 times.
Therefore you need to make a decision whom you want as an insurance professional representing you just like an attorney, investment counselor or CPA. You want the broker that can best represent you being the broker that represents you.
Does the carrier give a different price to different agents for the same risk? Are you able to negotiate with the underwriters?
Sometimes. If an underwriter knows he is in a competitive bid situation you can sometimes get better pricing on a risk. Also when you need to use multiple insurance companies to get a limit of coverage adequate to meet the needs of a large insured, it becomes a puzzle and by piecing it together different ways you can change price significantly, and if a broker has restricted access to the markets or does not do a substantial amount of this type of business he will not be able to generate all the possible combinations necessary to obtain the best value for the client.
Can you come to our Association meetings to discuss our insurance and/or your proposal to our members?
Just give us a call and let us know when your meeting is and we will be come out to present insurance matters in plain English and to answer questions that come up.