Often times, Board members are not aware of certain exposures that can result in huge losses, which is why it is so important to have a partner like Ardent Residential. Our insurance experts can quickly review your policies and determine if your HOA and all of its assets are properly covered. Does your HOA have a comprehensive risk management plan if a disaster were to occur? What is the evacuation procedure and who do you call if there is a life-threatening emergency? If you have to ask these questions then your HOA is not prepared today.
Risk Management and Insurance
Running an HOA or condo association is not for the faint of heart – but solid risk management and insurance coverage can help you nip problems in the bud rather than letting them bloom into nightmares. You may never know your association’s insurance coverage has dangerous gaps – until it’s too late.
Does Your Association’s Insurance Really Cover You?
Unfortunately, homeowners associations can be threatened by a number of risks and gaps in insurance coverage. HOAs and condo associations have numerous roles to juggle. These include hiring contractors, handling money, insuring property, and maintaining public areas Each of these responsibilities carries risks that Ardent Residential can help you handle.
How can we help you mitigate risks?
- Our insurance experts can review your insurance policy to find holes in coverage.
- We can help develop a risk management plan in case of disaster.
- We can help form a disaster plan, such as evacuation procedures and fire response.
- We work to develop important risk reduction strategies.
- We provide regular and detailed communication with the Board.
- We help you decide if it’s better to assume a financial risk or contract with a service that assumes such risks.
Is It Time for Better Risk Management and Insurance?
Here are some common warning signs that your HOA or condo association could use some professional help to manage risk and get better insurance coverage:
- Members do not know who to call in a life-threatening emergency.
- Residents do not know the evacuation procedure for your community.
- The community does not have a comprehensive risk management plan.
- There is inadequate insurance coverage in case of disaster.
- Insurance does not sufficiently cover on-the-job staff injuries, equipment malfunction, or Board negligence.
- There aren’t sufficient funds in the budget for deductibles, uninsured losses, and proactive risk management.
Every association faces financial risks. Ardent Residential helps you discover and minimize those risks. We also ensure you’re covered when you need it. To find out more about how Ardent Residential can help, call today.