Today Robert and Kevin discuss a trending subject almost every HOA in America is dealing with: The high cost of HOA insurance.
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Today we’ll be discussing the hot topic of the high cost of HOA insurance. A regular feature of our podcast series will be “hot topics” and current events, and right now, there’s nothing bigger than insurance. It’s disrupting budgets all across the country, and forcing boards to scramble in order to get sufficient coverage. So we’re going to dive right in, to make sure you have the insights you need to lead your association safely and successfully into the future. Fortunately, co-host Kevin Davis has been serving the insurance needs of community associations for decades, so he’s exactly who we need to give his perspective on what has changed that has created the increasing insurance costs associations are seeing, and help us all understand and be better prepared to deal with this challenge.
Chapters from today's podcast:
00:00 The rules have changed for HOA insurance
02:10 Why have HOA insurance rates risen so much in the past few years?
04:43 Climate change and insurance rates
06:53 How COVID has change insurance
07:41 Supply chain & uncertainty issues with insurance
09:01 How Champlain Towers changed things even more
12:16 How much is inflation a factor in insurance rates?
13:13 The human factors involved in the increase of insurance
21:43 Do insurance restrictions on price pin board members into a corner?
30:36 Ending encouragement
The views & opinions expressed in this program are those of the Hosts & Guests, intended to provide general education about the community association industry. The content is not intended to provide specific advice or recommendations for any individual or organization. Please seek advice from licensed professionals.
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Julie Adamen
Kevin Davis, CIRMS
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