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Cutting Costs On Your HOA Insurance Policy
You are dedicated to making your HOA a great place to live. One way you do that is by carrying the right level of insurance coverage, ensuring that no matter what life brings your HOA’s way, you can rebuild and recover without putting financial pressure on your owners. When you are thinking about the coverage your homeowners association needs, you probably wonder how you can save money on your HOA insurance policy.
To help, here are a few tips for saving money on your HOA insurance policy.
- Compare Quotes: As with any major purchase, you should compare quotes from multiple companies to determine the most cost-effective policies for your specific coverage needs. Do not simply shop the numbers, though. Ensure that you do some homework into the type of insurers. Paying less on your premiums will do you no good if doing so leaves you with an insurer who is notorious for denying every claim, for example.
- Talk To An Expert: Insuring an HOA is very different from insuring a single home, so it behooves you to seek out someone who is an expert on this unique type of protection. When you find an HOA expert, ask about savings and discounts available to you. He or she should be able to advise on ways to drive down your premiums of which standard insurance agents are unaware.
- Get Safer: Installing updated security measures (e.g. sprinkler system; self-closing, self-latching pool gates; deadbolts) can reduce your risk, thereby reducing the cost of your coverage.
If you would like to connect with an expert to ensure that your insurance policies offer the exact level of coverage you need, contact Scott Litman Insurance Agency. We have decades of experience offering HOA insurance and can consequently help you get the best policy at the best price.