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Condo Association Boards and Property Managers Need Insurance Allies

As many condominium boards and property managers know, insurance for communities is going through a significant price adjustment - in some cases tripling in cost. This is hitting the industry hard.

Making it even more painful for those paying the bill, carriers are now making sure properties are valued more appropriately for today's post-COVID market. So, with these higher valuations - added to the above-noted price adjustments - our condo association clients are really feeling the pinch.

Unfortunately, carrier options are minimal at the moment, but the industry ebbs and flows constantly. The key is to remain calm and stay in regular communication with your insurance brokerage and trusted account reps. We are on your side and are always looking out for ways to save you money.

To that end, we strongly encourage our condominium and HOA clients to:

  • Keep us apprised of any updates made to your buildings (i.e. electrical/restoration/new roofs)
  • Have a current appraisal available (within 36 months)
  • Have Wind Mitigation reports on hand that are within five years old
  • Keep us posted with any updates to damage

At the end of the day, we are here to serve you and stay in the know on daily changes occurring in the insurance space, so take a deep breath and know that we've got your back. Reach out anytime and be patient - the insurance market will plateau eventually as it always does!

Jenny Solano is the Commercial Lines Team Lead at WREN.