When it comes time to renew their association’s insurance, it’s tempting for HOA boards to seek out and jump on the lowest price quoted. But sometimes, when it comes to cheap coverage, you get what you pay for.
There is far more to the bidding process than consumers realize and, while a low premium is important, it is only one of the many considerations a board should make when deciding to renew or rebid for their HOA coverage.
Here are a few tips to streamline and simplify the insurance quoting process and ensure that your association obtains the right coverage at the right price, every time:
Focus on What’s Most Important
The fact is, no one knows their community better than the board. Not all HOAs are created equal, and the type of coverage obtained should reflect the specific needs of the association.
Too many homeowners’ associations are wasting money paying for policies that include coverage for things that don’t apply to their community. When looking to renew or rebid for coverage, the last thing you want is to be just another number for prospective insurers. Look for an agency that will take the time to meet and communicate with your board, learn about the needs of your specific community, and will work hard to obtain fair bids that meet those needs.
As your policy renewal date approaches, preparation is key to getting the most bang for your buck. Together with an engaged and dedicated agent, the board can discuss the association’s current policy and identify any gaps in coverage. This way, when the bids start rolling in, you’ll be able to quickly identify which company and policy is the best fit.
Reach out for Help
Choosing to renew or change coverage can be a daunting task for even the most experienced boards. They simply don’t have the time or resources to obtain and weed through all the fine print of multiple bids. Luckily, there’s help out there! Blue Lime Insurance Group is a valuable source to help you navigate and streamline the insurance process. Let us do the work by obtaining multiple quotes from various insurance companies to secure customized coverage at the right price. Contact us today to get started!