2011 Insurance Legislation Explained

Tuesday, November 8, 2011 | posted by Mindy Knudsen 8:09 PM

Read about SB 167 and its relation to changes in HOA insurance.

      “Given the great interdependence that exists between owners in common interest ownership arrangements and the complexity and difficulty experienced in the insurance process, it has been obvious for a long time that significant change was needed.
     Owners seeking direction and advice in the search for proper coverage found mainly confusion. What exactly could the association policy be relied on to cover in the event of a loss? What coverage should the owners purchase on a unit owners’ policy to assure restoration of damages in tandem with the association policy? How could gaps in coverage be avoided? 
     These challenges have been sizable for insurance marketers, underwriters, claim handlers and especially owners. Attempts to interpret and rely on association documents and policy contracts for guidance have only generated more questions and debate. Some owners who have relied on information obtained from their association, insurance professionals and others to make insurance decisions have unfortunately discovered at claim time that things didn’t work out as they expected.”

Click here for the full article

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