Today we explore rising HOA Insurance premiums, their causes, and strategies for cost management. Get insights on expert help & budgeting for community associations!
❗Join our LIVE Podcast April 1st 2024 on Youtube! 👉 https://www.youtube.com/watch?v=24KbKsKyoNY
✅ Is a Reserve Study right for you? 👉 https://www.reservestudy.com/
Kevin and Robert look at the intricacies of rising HOA Insurance premiums in this episode. Unearth the primary causes behind these surges, ranging from increasing construction costs, fierce market competition, to inflation. Hear firsthand from industry veterans on the challenges the insurance sector faces, particularly with the rising claims from natural disasters and the current competition-driven market scenario. Dive deep into the heart of community association financial planning, understanding the pitfalls of unexpectedly high premiums and the strain they can impose. Learn about the value of collaborating with insurance specialists and the risks associated with a DIY approach. By the end, you'll gain a comprehensive grasp on effective budgeting techniques, the significance of shopping with a knowledgeable provider, and how to ensure optimal insurance coverage for your community association. A vital listen for any HOA board member navigating the turbulent waters of insurance and budgeting
Chapters from today's episode: How Are We Going to Pay for HOA Insurance?
00:00 How on earth can you pay for HOA Insurance nowadays?
02:14 Why inflation is pumping up HOA insurance rates and premiums
06:55 Insurance industry challenges and rate increases
11:55 Budgeting HOA insurance costs
15:19 Ad Break - Association Reserves
15:52 Is there a magic solution to budgeting for your HOA insurance prices?
18:16 How to find a HOA community specialist
22:38 The current state of HOA Insurance rates and competition
27:33 Episode Wrap Up
Podcast Links:
Full Episode List
Watch On Youtube
Engage in the conversation!
Call our 24/7 voicemail line at (805) 203-3130 or send an email or voice memo to podcast@reservestudy.com
Nominate yourself or a Board Hero you Know!
Board Hero Nominations
Boardmember Merch Store!
Connect with Hosts on LinkedIn
Julie Adamen
Kevin Davis, CIRMS
Robert Nordlund, PE
Support Our Sponsors
Association Insights & Marketplace
Association Reserves
Community Financials
Kevin Davis Insurance Services
Stokelight Video & Marketing
The Inspectors of Election
