HOA & Condo Association
HOA insurance reviews for Minnesota property managers
Managing Minnesota HOA or condo renewals? Coordinate master-policy comparisons, building records and board decisions with Burch Insurance Group.
Give each board a clear insurance decision
When you manage several Minnesota associations, one difficult renewal can pull your team away from every other community. A premium increase, a new roof exclusion or a larger wind and hail deductible needs an explanation the board can use. BIG can review the association’s current master policy and available alternatives with your property management team.
Start with the renewal that needs attention first. Send the association name, location, unit count, renewal date and the reason you want another review. Call (612) 712-6407 to discuss the account.
Keep the association records separate and the process coordinated
Identify the legal association name for each account, the properties it is responsible for and the person who can authorize coverage. A management portfolio can include condominium buildings, attached townhomes and communities with shared amenities. They should not automatically be treated as the same type of risk or combined into one policy.
Share the building schedule, current policy, recent loss information and available roof records. For a townhome association, flag roofs or exterior components that were replaced at different times. Include open repairs or planned projects that may affect the submission.
Make the roof and deductible comparison understandable
Ask each quoting broker to identify how roof losses are settled and whether wind or hail has a separate deductible. If the deductible is a percentage, ask what value it applies to and whether it applies separately to each building. Those details can matter when the board compares premiums and considers how much cash the association would need after a loss.
Send the governing documents with the insurance records. Minnesota associations can have different responsibilities depending on their community and applicable law. BIG’s insurance review should be coordinated with the association’s legal advice when interpretation of those documents is needed.
Coordinate the market approach before requesting more quotes
If another broker has already submitted the account, let us know which insurers were approached and what responses came back. We can discuss whether other suitable options are available. A second review is most useful when everyone understands which information is current and which markets have already considered it.
Ask for the quoted premium, fees, limits, deductibles, important exclusions and any conditions that must be met before binding. Keep the proposal date and the board’s decision deadline together so the comparison stays useful as renewal approaches.
Your management company’s own coverage is a separate review
An association master policy and the insurance for your property management business serve different purposes. Tell us if you also want to discuss your company’s liability, professional liability, employees or other business exposures. Additional-insured wording on an association policy should be reviewed against the contract and policy rather than assumed from a certificate alone.
Bring BIG into the next association renewal
Use the HOA review form for an association account and identify yourself as the property manager. Include the association’s name and renewal date in your initial request. We can follow up for documents and discuss how to coordinate with the board.
Read about Minnesota association master policies or when a second insurance opinion can help. Coverage and savings depend on the actual policy, available markets and underwriting.
