We understand the complexities of these communities and the problems that arise when insured improperly. There are many insurance companies that are willing to insure Homeowner Associations, but oftentimes they do not include the intricate and appropriate coverages needed. As leaders in the HOA industry, many of our coverage options have been “first to market” and in some cases, we are the only ones in the market offering these key coverage options. Here is a very brief outline of some of our key insurance coverages for HOA communities:
Accurate Building Coverage
When a catastrophe hits, knowing that your HOA’s Master Insurance Policy includes extended and guaranteed property limits will be a great comfort.
Guaranteed Replacement Cost
Some Associations want the added comfort that — no matter what — there will be enough property coverage available. With our Guaranteed Replacement Cost endorsement, we can deliver this added comfort, guaranteed!
Many insurance companies offer only 2% of inflation guard coverage, while some insurance companies don’t even offer this protection at all. Our HOA insurance policies offer an inflation guard protection of 8% in order to keep up with rising construction costs.
Wind Damage to Trees
All insurance carriers will cover damage to a building if a tree falls on it. But, what about the tree? We can cover not only the building, but we will replace the trees, as well. For example, if a big wind were to take down some of your association’s trees, our policy would cover the cost to remove and replace the trees, as well as any property damage they may have caused. Other insurance companies will not remove or replace any of the trees.
Directors and Officers Liability
We offer liability coverage for all Board and Committee Members for a wide variety of claims including, Non-Monetary Claims, Discrimination. Breach of Contract and on and on. Our Directors & Officers Liability coverage is among the best in the industry. And of course, we cover the Community Manager as an insured, something that is sometimes difficult to get.
Water Damage Deductibles
Is your association at risk of being uninsurable due to water damage claims? If so, your current insurance company may have suggested a higher deductible on all property claims. But, what if you have a simple fire? Our policy offers the ultimate flexibility of providing a low deductible for most property issues, and a higher water damage deductible. This not only reduces your Association’s insurance premium, but it also makes the individual homeowner more responsible for interior losses, such as bathtubs overflowing, refrigerator water-filtration systems breaking, and more. In these scenarios, the individual homeowner’s insurance would cover the higher water deductible (and possibly all of the water damage).
Workers Compensation Coverage
Surprisingly, there are only a few competitive insurance markets that offer insurance to HOAs. Certainly, we are one of them. But, we are among the very few that offer coverage to Board and Committee Members that are injured or become ill during their course of performing duties.
Cyber Liability Protection
Online hackers and thieves are the newest threat in the insurance world. In these days of emails, electronic bank deposits, automatic HOA payments and association-run websites, Cyber Liability issues are becoming more problematic. That is why our policies include Cyber Liability Protection. This provides coverage for expenses incurred to notify homeowners, reimbursement for credit monitoring costs, as well as fees and costs related to cyber breach.
Umbrella Liability Coverage
We offer a variety of high limit Umbrella Options at very reasonable premiums.
Earthquake and Flood Insurance
We offer coverage from every available carrier in the State that offers this rather elusive coverage. More importantly, we work with the Board to make sure that there is a solid understanding of the coverage options, which can be foreign to many. Through time tested written material and attendance at town hall meetings, we can help the homeowners understand the decisions at hand when deciding whether to purchase.
Prendiville Insurance Agency also provides a full range of personal insurance for Unit Owners, such as Personal Property, Liability, and Earthquake Insurance (via the California Earthquake Authority) along with Auto Insurance, Life Insurance, Health Coverage and more.