In our last post, we discussed some of the little-known secrets that can help HOA managers and board members navigate their complex LA HOA Insurance policies. In this detailed article, we will continue to take a closer look at the “fine print” that insurance companies don’t like to advertise to their clients. In turn, your coverage will be more complete and you will understand your rights as a customer. So, before settling for just any coverage, read the following.
Secret #3: Ask if the best coverage is available to you.
As we previously mentioned, Farmers Insurance is the number one provider for HOA insurance in California. Therefore, they have access to the best coverages and prices. With that being said, if your current carrier does not have access to this market, it’s likely that you are overpaying for your policy. Ask why Farmers is not included in your area and if the agent handles claims from start to finish. At Scott Litman, we have the legal experience to manage such tasks, and we can negotiate grey areas of the insurance policy in the HOA’s favor.
Secret #4: Ask your agent to be involved from beginning to end of a claim.
Ask yourself if certificates issued to Owners/Lenders, quickly and with personal attention. Next, bear in mind that lenders over the last couple of years have significantly increased the requirements on the certificate. Even with all the requirements, the lenders seem to have substantial trouble finding the many items that we so painstakingly put on the certificate. In turn, the company, EOI, takes the time to handhold the lenders and takes all that time away from everyone else. At Scott Litman, we pride ourselves on providing quick and helpful service.
Secret #5: Hold your agent accountable for handling the certificates in a timely manner.
It is their responsibility as an agent to ensure all processes run smoothly and are completed in a timely manner- not yours! Don’t spend your valuable time and resources chasing your agent around. Hold him or her accountable!
At Scott Litman Insurance Agency, we specialize in providing quality service for our clients. With 95% customer retention, as opposed to the median 85% in the industry, we work to add value to your operation. We find that 90% of the contracts we review are missing critical CC&R requirements, which is why we offer free consultations. In addition, we regularly attend board and HOA meetings to answer all of your important insurance questions. To find out more benefits of letting us work for you, give us a call today at (855) 999-4505.