How to find lower-cost HOA and condo insurance in Minnesota

Your board wants a better premium. Where should you start?

When insurance takes a larger share of the association's budget, the board wants to know whether there is a better price available. If your property manager already shops the policy each year, begin with the results of that search.

Ask for the current renewal proposal and a summary of the insurers approached. Which offered quotes? Which declined? Were the alternatives more expensive, or were they unavailable for this property?

Those answers give another broker a useful starting point.

Ask what another broker could add

Different brokers may approach overlapping insurance markets. Before starting another submission, ask what additional options the broker expects to explore and how they will coordinate with your property manager.

A useful second opinion may identify another option. It may also confirm that the existing proposal is competitive. Either outcome gives the board a more informed basis for its decision.

Compare the price on the same basis

Request the total annual cost, including disclosed taxes and fees, rather than comparing one quote's base premium with another quote's total. Ask the broker to identify changes in deductibles, building limits, and policy terms beside the price difference.

The goal is to understand what the association would pay and what it would be buying. General business-insurance guidance also recommends comparing insurers and reviewing the effect of deductibles. Insurance Information Institute

Involve your property manager

You do not need to manage the entire process yourself. Ask your manager to coordinate with the reviewing broker and collect questions for the board. Keep the renewal date visible so the review can fit the association's decision schedule.

Ask BIG for a Premium Relief Check

Share your Minnesota association's name, location, and renewal timing. BIG can review the current policy and available options with your board or property manager to see whether a better-priced fit is available. Savings are not guaranteed.