I am currently an owner of a single unit of a 10 unit condo building. The HOA is in search of an insurance company that is experienced with packaging wind mitigation, liability, general, etc. all in one portfolio. We currently have about 3-4 different companies covering all aspects of the building - as these are companies that were picked up from 20+ years ago and have kept since. We are now looking to consolidate to make it easier and hopefully cheaper.
Anyone have any good leads or connections? Thanks in advance.
I would recommend contacting an Independent agent (one that represents multiple carriers) that writes commercial Insurance. If you can get recommendations from other associations on who they use or if there is a state association of Condo boards they my help.
There are dozens of companies that write Condos and want to compete on them. You should determne what coverage you want (building limits, Liability Limits, deductibles, etc.) and request a quote at that level and then have them suggest any other coverage or limit changes they recommend. Its likely that they will suggest:
- Business Owners of Package policy (property & Liability)
- Directors & Officers Liability
- Hired & Non-owned Auto Liability
- Workers comp. (if you hire anyone or have uninsured subcontractors)
@Chris Adams I'd second John's comments. There are so many players in the condo space, it will come down where you are located.
If you are carrying a separate Wind policy, then I am guessing you are in a coastal state? If that is the case, the closer you get to the coast, the fewer package options you will have.
In this insurance market, I'd suggest connecting with an Independent agent. They will have access to package options as well as have the ability to quote out your program in it's current structure if that turns out to be the best set up.