What is the best insurance for an HOA master policy?

Start with your association's quotes

If you are searching for the best HOA master-policy insurance, you probably want a dependable option at a better price. A list of well-known carriers does not tell you which will quote your buildings or how the proposals will compare.

Ask a broker to show the available choices for your association. Keep the annual cost prominent, with material policy differences explained beside it.

Ask for a comparison your board can use

For each proposal, ask for:

• Insurer and total annual cost, including disclosed taxes and fees.
• Building limits and the basis used to value the property.
• Deductibles, including separate wind or hail deductibles where applicable.
• Important exclusions or restrictions that differ from the current policy.
• The status of the quote, including outstanding underwriting requirements.

Your broker should also review the association documents and any applicable requirements when evaluating the fit. This article does not determine those requirements for an individual association.

A lower quote needs an explanation

If one proposal costs less, ask the broker to explain why. Is it another insurer's pricing, a different deductible, a change in limits, or another difference? You want a clear account of the savings and the tradeoffs before voting on the renewal.

Get help comparing the available options

BIG can review your Minnesota association's current master policy and available alternatives with your board or property manager. Request a Premium Relief Check to find out whether another option deserves consideration.