Homeowner Association Insurance - What you need to know скачать в хорошем качестве

Homeowner Association Insurance - What you need to know

If you found this information to be helpful, please subscribe. As you may know, homeowner associations in California are required by law to have certain minimum levels of insurance and coverages. However, not all associations are adequately covered creating a huge liability for board members and other owners of units. In addition to the HOA, each unit owner should carry their own individual homeowner insurance policy to cover what is not protected by the association. Most importantly, this should include loss assessment coverage. This topic is covered in a separate video. In addition, renters should be required to provide a renter’s policy to the association. While nearly all HOA boards know they must purchase insurance to protect the homeowners in their association, most board members are not insurance experts and therefore rely on an insurance broker or agent for advice. The important question is who should the board rely upon to get the most comprehensive coverage at the best price for its members. There are two types of insurance providers. There are captive agents who represent only their own company and there are independent broker - agents who work with many insurance companies. Captive agents are companies like Farmers, Allstate, and State Farm. These agents represent their company, not the insured. Independent broker - agents represent the insured which is the HOA, not the insurance company. To illustrate: If you go to a Farmers agent and ask who has the best policy, they are going to tell you Farmers because they can only sell you a Farmers policy. If you go to an Allstate agent and ask who has the best policy, they are going to tell you Allstate because they can only sell you an Allstate policy. If you go to a State Farm agent and ask who has the best policy, they are going to tell you State Farm because they can only sell you a State Farm policy. Now don’t misunderstand me, Farmers, Allstate and State Farm write lots of insurance policies, but all 3 cannot have the best policy for your HOA. The best policy may be one of these carriers or it may be one of 50 or more other highly rated insurance companies that can be shopped by an independent insurance broker or agent. If your HOA is insured by Farmers, Allstate, or State Farm, and it turns out to be the best policy for your association, an independent broker-agent will tell you. If it turns out that your current insurance policy is not the best and least expensive policy available, your an independent broker-agent will also inform you as to how you can better protect the members of your association. On the subject of selecting an independent insurance broker, many will provide your board with a no cost insurance coverage evaluation. It’s my recommendation that if you can find a broker-agent that also provides expert witness and consulting services to attorneys, you have found the right person upon which to rely. I hope this information has been helpful to you. Again, my name is Michael Chulak. I can be reached at 818-991-9019 or Email: [email protected] https://pacific-realtors.net/ 1. Free Homeowner Association Board Training Seminars in California    • Free Homeowner Association Board Training ...   2. Management of Homeowner Associations in Southern California    • Management of Homeowner Associations in So...   3.Inspector of Elections Services in Southern California    • Inspector of Elections Services in Souther...   4. Homeowner Association Assessment Collections in California    • Homeowner Association Assessment Collectio...   5. HOA Members Refuse to Pay Assessments Citing Coronavirus    • HOA Members Refuse to Pay Assessments Citi...   6. Condominium Buyers - Why You Must Read CC&Rs Before Buying    • Condominium Buyers - Why You Must Read CC&...   7. Agoura Hills, Conejo Valley - Real Estate    • Agoura Hills, Conejo Valley -  Real Estate