Does a Homeowners Association need insurance? The answer is a resounding yes! Every Homeowners Association needs a comprehensive insurance policy to protect itself from a range of casualty losses. It’s vital that these associations have complete coverage and that they renew every year.

Did you know only about half of Homeowners associations will renew their insurance policies, and of that half, only 25% maintain adequate coverage? While most HOA’s have policies on the books, most don’t even know what they have. As an agent, it’s your job to educate your policyholders so they understand how important it is to renew every year. There is no better peace of mind than for them to know that their organization is completely covered. This is where Bankers comes in.

You’ll want to make sure you talk to the policyholder about the different types of insurance imbedded in an HOA insurance policy.

Property insurance: HOA Property insurance covers the property in case of damage from the covered perils in the policy.

Liability Insurance: HOA liability insurance protects the HOA in the case of an accident or injury on the common areas shared by the HOA, like hallways, private roads or walkways.

Directors and Officers liability insurance: Sometimes referred to as D&O insurance, protects officers and trustees from being held liable while performing their duties for the Association.

As you educate and help your policyholders, the more familiar they’ll become with HOA insurance. It’s important that you consult your client and get a plan in place to provide them with the protection they need. If you haven’t quoted our HOA lately, what are you waiting for? Our Bankers HOA product is comprehensive and can add tremendous financial value to your book of business and your bottom line.

Now is the best time to quote and bind those policies and take advantage of all of the benefits Bankers can provide to you. It’s a win-win for both you and your policyholder. Quote Now! Contact us today to find out how Bankers HOA can add to your bottom-line.

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