I was privileged to be contacted by a reporter from Yahoo Finance about the plight of the HOA homeowner and the increases in the insurance premiums we’ve all been seeing these past five years or so. She was very organized and had a good handle on the issue. I did talk to her a lot about the HOA Leadership Network, but she opted to focus more on the issues we discussed related to the HOA in which I live, in Lakeville. As many of you know, I’ve served on the board here the past four years, and over that time our master insurance has quadrupled in price.  We were kicked to the secondary market because our total insured value (TIV) exceeded $60 million, which seems to be a threshold that insurers don’t like.

I was pleased to see that Eric Skarnes, president of Insurance Warehouse, was also featured (Insurance Warehouse is a sponsor of our network). His quote sums up the whole insurance issue that we face:

Thousands of miles from Florida, in suburban Minneapolis, insurance broker Eric Skarnes is having increasing trouble finding options for his clients in Minnesota and Colorado. In both states, insurers fear hail damage, which can pummel roofs. “The days of having two, three, or four options are long gone,” said Skarnes, whose company, Insurance Warehouse, insures around 500 HOAs. “Most associations are just lucky to get a renewal.”

Read the whole article here

https://finance.yahoo.com/news/insurers-are-dropping-hoas-threatening-the-condo-market-124429337.html