As an HOA manager, you are likely being pulled in a bunch of different directions. While there are countless factors to consider when operating a successful HOA, insurance policies are a necessary component. Not only do they protect your building, they are paramount in keeping the HOA afloat, especially in the event of a disaster. However, many managers become frustrated with their insurance agents. As they aren’t experts in the field, they may not know how to go about a conflict with their agent and they don’t understand the “fine print”. In this two-part article, we have provided a detailed guide on the secrets your agent doesn’t want you to know so you can get the most out of your Los Angeles HOA Insurance and LA Earthquake Insurance coverage.
First, does your agent send the renewals for earthquake coverage 30 days in advance? Does he or she send your fire policy renewals 30-60 days in advance? Note that if they are not, you are wasting your time tracking them down to get the renewals or your agents are likely delaying it so you don’t have time to review the policy and are forced to accept in a rush. These delays could look bad to your board.
Secret #1: Would you let a plumber or roofer delay in doing their job?
Remember that as the client, you are in charge! If your agent fails to provide the necessary paperwork for policy renewals at least 30-60 days in advance, you may notify them that you are filing a Broker of Record (BOR). The BOR will move the policy to another agent. Mention BOR and watch how fast the agent moves.
Secret #2: Your agent should be your safety net.
Your agent should be your safety net by preventing cancellations due to missed payments, audits, safety inspections and more. Your agent should be on your team! Further, does your agent have the resources to provide you with the best policies and service? It’s a fact that Farmers Insurance is the number one carrier of HOAs in California, so if your current agent is not offering Farmers, you aren’t getting the best deal or coverage. Partnering with a Farmer’s agent can give you access to the best coverage, options, and pricing. A broker can’t offer Farmer’s but a Farmer’s agent can also offer the carriers that a broker offers.
In our next article, stay tuned for the second part of secrets that your insurance agent doesn’t want you to know!
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 policies 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.