What is an HOA master insurance policy?

Are you a board member interested in protecting your homeowners association (HOA) community? We know that in the same way we protect ourselves, our assets also carry this significance. That is why an HOA master insurance policy is essential for your community, as this type of coverage can help you protect more than just your physical assets.
 

What is an HOA master insurance policy? 

An HOA master insurance policy is specifically designed for communities that have an established HOA or strata in place; it provides protection for common areas that are shared within the community, liability coverage for the association, and more tailored policies. In fact, the primary purpose of this type of policy is to help associations have adequate coverage in case there is an event of property damage, accidents, or lawsuits. As previously mentioned, not only does it help protect the physical assets, but the association and its board members as well, especially from financial loss. In comparison with homeowners’ insurance, which only covers a specific property and its owner, an HOA master insurance policy allows for the community’s amenities and its decision-makers to be safeguarded from any unforeseen circumstances.

There are multiple coverage options within this type of insurance, and finding the right options for your community is crucial. Our team at FS Insurance Brokers use in-depth knowledge and industry insights to help maximize this coverage, aid in reducing insurance premiums, and enhance access to insurance products and programs specifically geared to the unique needs of associations.
 

FS Insurance Brokers

FS Insurance Brokers, a subsidiary of FirstService Financial, merges industry-leading, in-depth insurance and risk management knowledge with the property management expertise of FirstService Residential. They understand the importance of protecting their client’s property, as well as all other potential perils.

FS Insurance Brokers help communities face the challenges of securing and maintaining a comprehensive, cost-effective program by:

• Offering advisory and risk management services
   
• Partnering with local and national brokers experienced in community association needs
   
• Providing risk education and claims advocacy to improve loss experience and lower premiums
   
• Delivering best-in-class insurance placements
   
• Access to an in-house team of licensed professionals
   
• Brokering stewardship programs

Why choose FS Insurance Brokers for your HOA master insurance policy?

Their dedicated team of specialists is committed to elevating accessibility to insurance products and programs tailored to the distinct requirements of your community. Through meticulous efforts and a deep understanding of local dynamics, they strive to create initiatives that cater to your community's specific needs, fostering a comprehensive and customized approach to insurance solutions.
They aim to provide options that address diverse challenges and requirements by offering the following:

• A dedicated in-house underwriting team
   
• Coverage enhancements and long-term pricing stability
   
• Expertise in community association insurance placements
   
• Strong relationships with A-rated carriers

Their testimonials say it all:

"Becoming and remaining comprehensively covered requires tailored, scalable support. FS Insurance Brokers provided that for our community through their broker partners and in-house insurance experts. They were able to advise us through the process and therefore deliver high premium savings and improve our deductible significantly."

Board member, Sunny Isles, FL.

Community association and HOA insurance programs

Insurance coverage is one of the most critical aspects of maintaining a well-managed community association. FirstService Financial goes beyond just placing policies; they also offer education and safety programs that can help prevent losses from occurring, as well as policy reviews for you during renewal season.
 
At FS Insurance Brokers, our deep industry know-how and solid connections with leading insurance companies empower us to create, discuss, and implement property programs tailored to specific regions. They use data that shows consistently better-than-average claims performance in the FirstService Residential portfolio. This allows us to influence the insurance approval process positively, improving coverage for these programs without sacrificing competitive pricing.
 
FS Insurance Brokers also provides training and educational opportunities to FirstService Residential and its associates. Through these programs, associates can reinforce loss prevention and mitigation as a part of their daily property management routine.
 

Insurance Products

FS Insurance Brokers also offers insurance products to FirstService Residential managed properties provided by our in-house underwriting team or through a highly rated carrier, and coverage has been specifically designed to meet the needs of our clients. 
 
FS Insurance Brokers insurance recommendations are aimed to follow these guiding principles:

1. Protect association and board member assets
    
2. Promote healthy financials and business continuity
    
3. Educate board members and residents on potential risk exposures
    
4. Build a comprehensive insurance program with minimal impact on the association budget
    
5. Reduce long-term insurance costs to the association

Some of the specific products FS Insurance Brokers offer their professional guidance are:  

• Property Insurance
   
• Risk Management, Education & Advisory
   
• Cyber Liability and Crime/Fidelity Insurance
   
• Worker's Compensation
   
• Directors & Officers Liability Insurance
   
• Direct Insurance Programs
   
• General & Excess Liability Insurance
   
• Earthquake & Flood Insurance

Expert insurance advice

We understand that navigating the complexities of your HOA master insurance policy can be challenging. We are committed to providing expert advice and educational resources to help board members make informed decisions, and our "Insighters: Expert property management advice" series is designed to address this need.

Our Insighters series features industry experts addressing essential questions to help board members stay informed about the latest trends and updates in their respective markets. Future editions will continue to bring you valuable insights and expert advice on various aspects of property management.

In the premiere episode of Insighters, we focus on the critical topic of insurance for community associations. Andrew Lester, president of FirstService Financial, and Anthony Gragnano, vice president for the South Florida High-Rise division of FirstService Residential, share their expertise on:

• Strategies for securing the best terms
   
• Addressing rising premiums
   
• Implementing effective risk management practices

Watch the full video for more in-depth insights and expert advice on the insurance market within the realm of property management.
 
For more information about best-in-class expertise in financial services, visit FirstService Financial.

To learn how FirstService Residential can support your community's vision, contact a member of our team.

DISCLOSURE STATEMENT: FS Insurance Brokers, Inc., a subsidiary of FirstService Financial and an affiliate of FirstService Residential, receives compensation from its broker partnerships. FS Insurance Brokers owes a duty of care to our clients. This means that FS Insurance Brokers' duty of care owing to our clients and its concomitant obligation to serve our clients takes priority over our duty of care and obligations owing to FirstService Residential or FS Insurance Brokers. FS Insurance Brokers' mission is to protect our client’s interests, understand their needs, and always act with integrity and competence. FS Insurance Brokers will always disclose our relationships to our clients in advance of any client decision. This Disclosure Statement is intended by FS Insurance Brokers to inform you of conflicts, real, potential, or perceived, which could arise when serving its clients (YOU) due to its relationship to and with FirstService Financial and FirstService Residential. Should you find that FS Insurance Brokers has acted contrary to any principle or statement made in this DISCLOSURE STATEMENT, you are requested to contact [email protected] , and your concern will be promptly and respectfully addressed.