How to Shop for Homeowners Association Insurance

Homeowners association insurance is critical when there is a community you are responsible for. All of the homeowners pay HOA dues, and expect insurance to be in place. This means that you need to spend the time exploring the various policies to get the best financial protection possible.

Everyone is sensitive about the dues that they spend. They want to make sure that their money is being well spent. This means you must do your due diligence to research the insurance companies that offer policies to communities and homeowners associations. From there, you want to inform all homeowners as to the kind of insurance that is in place and what they can expect because of the policy.

What’s unique about the community?

There are going to be things that are unique about your community. These need to be identified so you can be more specific about the kind of homeowner’s association insurance you need. Otherwise, you’re going to get something generic and this will lead to flaws within the policy.

Some of the aspects to your community to consider are:

• Guard gates
• Public swimming pools
• Lakes or other public waterways
• Members-only buildings

Make a list of everything so that you can have a good conversation with your insurance agent.

What do the homeowners want?

Within your community association, you need to have a board – and on this board will be homeowners. It’s important to listen to what they want. Your life will be made easier if the homeowners are happy. For example, if there have been crimes with graffiti, you will want to make sure you have crime insurance incorporated into the HOA insurance so that cleanup is taken care of. Otherwise, it may not be cleaned regularly and therefore be an eyesore to the homeowners.

Have meetings regularly to find out what’s important to homeowners and then ensure that those needs correspond with what’s on the insurance policies.

What is the cost of the premiums?

Homeowners want a safe place to live. This is going to be possible with the crime insurance and general homeowner’s association insurance that you purchase. The cost of the premiums matter – and therefore you need to get quotes from different insurance companies.

Don’t hesitate to work with an independent insurance agent, either. This will help you shop for the best insurance in Florida – and then get quotes. Your agent can answer questions and ensure you get a great price on the premiums so homeowners don’t end up spending a fortune on dues, too.

When you take the time to organize your needs and talk with a professional, everything will be easier.