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023 | How Are We Going to Pay for HOA Insurance?
Manage episode 378527868 series 3470637
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Today we explore rising HOA Insurance premiums, their causes, and strategies for cost management. Get insights on expert help & budgeting for community associations!
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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
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Chapters
1. How on earth can you pay for HOA Insurance nowadays? (00:00:00)
2. Why inflation is pumping up HOA insurance rates and premiums (00:02:14)
3. Insurance industry challenges and rate increases (00:06:55)
4. Budgeting HOA insurance costs (00:11:55)
5. Ad Break - Association Reserves (00:15:19)
6. Is there a magic solution to budgeting for your HOA insurance prices? (00:15:52)
7. How to find a HOA community specialist (00:18:16)
8. The current state of HOA Insurance rates and competition (00:22:38)
9. Episode Wrap Up (00:27:33)
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