Shopping for condo association insurance is a fairly simple process, but having a defined method in place does help ensure everything goes smoothly. If your Vermont condominium association would like to update its condo master policy with a new one, here’s a step-by-step guide that’ll help you through the process.
Is There a Good Way for My Vermont Condominium Association to Shop For Condo Association Insurance?
Step 1: Locate an Insurance Agent in Vermont
Start by locating an insurance agent who can both help your association through the process and provide sage advice when necessary. The right agent will be an independent agent and someone who’s familiar with this type of insurance.
Independent agents are free to request quotes from multiple insurance companies on your condo association’s behalf so that you can identify the best one. Captive agents, in contrast, usually work with a specific insurance company and may not be allowed to show your association quotes from other insurers. If another insurer is offering a better policy than the captive agent’s company provides, they might not be able to tell you.
An agent who specializes in condo association insurance will have the expertise needed to explain coverages, provide example scenarios and make informed recommendations. Their experience can be invaluable when you’re trying to decide what protections are important and what can be skipped.
Of course, the agent your association works with should be licensed in Vermont if the association’s complex is in the state.
Step 2: Choose a Liaison
Once you’ve selected an insurance agent to work with, choose a liaison from among your condo association’s board. While this step isn’t technically necessary, having one person handle the communication between the association and agent streamlines everything. Anyone who has a questions knows who to ask, and the liaison can make sure information is disseminated properly.
Step 3: Limit the Choice of Condo Association Insurance Policies
The liaison should work with the insurance agent to select several policies that might be good for your condominium association. The liaison shouldn’t choose one policy themselves, but they ought to get the available options down to a manageable group. Ideally, the available policies would offer varying levels of protection so that the board has options.
Step 4: Present the Policies
Once a manageable group of policies has been identified, the liaison should present these options to the condominium association’s board. The liaison will probably be able to answer many of the questions that board members have, and they can later ask the agent any questions they don’t know the answer to. Those answers can then be relayed through email or another convenient means. There’s usually little reason to wait until the next board meeting.
Step 5: Select the Condo Master Policy
After all board members’ questions have been adequately answered, the board should select which of the suggested policies will be the association’s new condo master policy. Association bylaws might dictate exactly how this step is carried out.
Step 6: Tell Unit Owners About the Policy Change
After the new condo master policy has been selected, a copy of the policy should be passed onto all unit owners. Unit owners will need to know what coverages are provided by the master policy so they can update their condo insurance policies accordingly.
Speak with an Insurance Agent
To talk with an independent insurance agent who’s in Vermont and specializes in condo association insurance, contact Paige & Campbell Insurance. Our independent insurance agents have guided many condo association boards through the process of acquiring a new condo master policy, and we’re here to help your association too.