Send us a textToday we explore rising HOA Insurance premiums, their causes, and strategies for cost management. Get insights on expert help & budgeting for community associations!❗Join our LIVE Podcast April 1st 2024 on Youtube! 👉  https://www.youtube.com/watch?v=24KbKsKyoNY✅ Is a Reserve Study right for you? 👉 https://www.reservestudy.com/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 budgetingChapters 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 UpPodcast Links:Full Episode ListWatch On YoutubeEngage in the conversation! Call our 24/7 voicemail line at (805) 203-3130 or send an email or voice memo to [email protected] yourself or a Board Hero you Know!Board Hero NominationsBoardmember Merch Store!Connect with Hosts on LinkedInJulie AdamenKevin Davis, CIRMSRobert Nordlund, PESupport Our SponsorsAssociation Insights & MarketplaceAssociation ReservesCommunity FinancialsKevin Davis Insurance ServicesStokelight Video & MarketingThe Inspectors of Election

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