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JudyZ
(Florida)
Posts:11
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| 07/21/2008 10:12 AM |
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| We are in the process of looking for a new insurance carrier. We have been with our present Company for six years and feel it is time we not only check our coverages, but also our prices. If you can supply a name and address or maybe an e-mail address, I will send the particulars to them. This coverage would be for a clubhouse, pool, DRAs, and D and O. Any help is appreciated. |
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JohnK3
(Pennsylvania)
Posts:317
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| 07/21/2008 10:18 AM |
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You might want to draft a form letter to be mailed, faxed, e-mailed to agents repping large national p/c insurers in your area.
State Farm provides our HOA with comprehensive and inclusive coverage in a single policy at a good price. |
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DonnaS
(Tennessee)
Posts:2509
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| 07/21/2008 10:46 AM |
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Judy,
What side of the State are you located. There are a few very good agencys that can find a great policy for you. Many are just in Florida and are better coverage than the giants that start or end with "State" |
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MikeS1
(Virginia)
Posts:629
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| 07/21/2008 10:51 AM |
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| Insurance markets are drastically different from state to state. Some carriers are not even writing in coastal areas at this time. Besides the direct writers like State Farm and Nationwide, check with your independent agents for your best packages. They usually will ask for your loss experience over the these years which would consist of a list of all claims, types of claims and amounts paid out. Good luck. |
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EllenS1
(Florida)
Posts:328
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| 07/21/2008 3:50 PM |
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Judy,
John from Florida said State Farm might be good and reasonable. Two days ago there was an article in the paper saying that State Farm was increasing it's rates by 47%. |
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JudyZ
(Florida)
Posts:11
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| 07/22/2008 6:59 AM |
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| Mike: Ocala is central-Florida. We are 70 miles north of Orlando, 70 miles west of Daytona, 30 miles south of Gainesville. I would say that was mid-state. Thanks for your reply. |
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JohnK3
(Pennsylvania)
Posts:317
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| 07/22/2008 8:03 AM |
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Ellen,
John from Pennsylvania said we get a comprehensive policy at a good price from SF. I can't speak as to other states. But in any event, shopping for quotes can't hurt. |
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EllenS1
(Florida)
Posts:328
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| 07/22/2008 7:45 PM |
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John,
Shopping for quotes is the only way to go. Here in Jacksonville, Fl there are many companies that will not issue insurance. I may be wtong but I believe State Farm is one of them. |
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JohnK3
(Pennsylvania)
Posts:317
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| 07/23/2008 8:50 AM |
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Ellen,
From what I've read, a lot of the p/c carriers, from the Texas Gulf, over to the Atlantic and up to the Jersey Shore, are trying to eliminate risks, mostly homes, due to possible hurricane casualties, and to a lesser extent, wild fire losses. Or, as you noted, severly bumping up their premiums. But I don't know how that strategy impacts HOA comprehensive policies which, unless, say, condos or town homes are included, essentially cover liabilities not related to wind, water or fire damage. Quotes from, say, 5 carriers would probably give an accurate picture of what the market currently bears, wouldn't you agree?
Though at whatever price, an HOA policy is a must. While we're probably over-insured (up to $5M per loss), we pay $800/year for soup to nuts, which in my mind is worth every penny. |
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DonnaS
(Tennessee)
Posts:2509
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| 07/23/2008 10:57 AM |
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Ellen,
If you could grab a policy like John just quoted, Do it and Do it now. But in the real Florida world, it ain't gonna happen.
My condo has a premium of $28,900 and the villa policy is $41,000. These include all riders for D & O, Liability @5 million, replacement, flood, common structures, etc. In other words, a full coverage of the association responsibilities. |
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