Insurance costs in your HOA are still rising, but the market is shifting.

In this episode, Denise Haas sits down with Tressa Bishop, Senior Vice President at Alliant Insurance Services, to discuss premium trends, coverage models, and the risks boards need to watch for. They break down what happens when communities shift responsibilities between the association and owners, the fine print in master vs. individual policies, and why relying on “self-insurance” isn’t realistic.

Timestamps:

(00:00) Intro

(03:12) The basics of HOA insurance coverage

(03:54) Difference between admitted and non-admitted carriers

(12:53) How COVID impacted insurance premiums

(14:37) Unique insurance challenges in Colorado

(18:16) Shifting insurance responsibility to homeowners

(22:28) Clarifying horizontal boundaries in Colorado

(23:47) Moving to individual unit insurance policies

(25:06) Issues with shared walls and roofs

(27:58) Exploring self-insurance options for communities

(30:30) Explanation of HO-6 and HO-3 policies

(32:34) Coverage gaps with special assessments

(37:00) Tips for avoiding insurance coverage gaps

(40:47) Importance of building detailed insurance data

(45:41) What the HOA? Dog poop forensics

Connect with our guest:

Tressa Bishop on LinkedIn: https://www.linkedin.com/in/tressa-bishop/

Learn more about Alliant Insurance Services: https://alliant.com/

Connect with me:

Denise Haas on LinkedIn: https://www.linkedin.com/in/denise-haas-aa908219/

Learn more about Five Keys: https://www.fivekeyscm.com/