A high-end eight unit building was insured for just over $3M with a second-tier insurance company for $5,500. AssociationProtection.com found an A-rated company to quote all coverages for $4,800 and also provide needed coverage enhancements. These enhancements included monetary damages coverage on the directors and officer’s policy, limits were increased to $5M on the umbrella insurance, and the crime coverage was brought in line to meet FHA requirements so the owners could refinance. Finally, the property coverage was improved by adding coverage for earthquake, flood and law/ordinance.
A large urban building had been non-renewed by their current carrier for renting their basement to non-owners. The association treasurer missed the notice and their agent had not bothered to call to tell them what happened. Because of this, the building went without insurance for a time. After AssociationProtection.com was called and learned of the situation, quick action made it possible to replace coverage and keep the unit owner’s mortgages from being called.
A twenty unit building was grossly underinsured and was overpaying for it. An agent had placed insurance that listed the building’s value at $2.7M when the models AssociationProtection.com ran showed the building would cost almost $4M to replace. After moving coverage, the building association saved 30% on the premium and was protected from being woefully underinsured – which would have prevented proper claims payments.