Do you remember the viral news story of the Homeowners Association (HOA) fees increasing by hundreds of dollars in one local community, and the HOA board claiming it was due to insurance premiums going up? While we cannot speak specifically to that situation, we did want to answer some of your most common questions regarding HOAs and insurance. Q. Why do insurance premiums go up (for HOA’s or in general) Great question. Insurance premiums are based on a number of factors including frequency and cost of claims, property valuations and increased risk due to extreme weather. To further explain, if an organization or individual frequently makes claims to their insurance company, they may become considered “high risk”, meaning it costs the insurance company more to insure them, so to help offset this cost, their premiums increase. Q. If claims make our premiums go up, when should we be filing claims? The pricing of any policy is based on risk. Underwriters look at the frequency and severity of claims. Filing of any claim, even one below the deductible, impacts the carrier because the carrier will need to investigate and determine coverages and damages. Filing a large number of claims may cause your insurance rates to increase or your policy to be non-renewed. Prior to filing a claim, it is best to determine the likelihood of the claim exceeding the deductible and reviewing the number of claims filed in the past. Of course, if a claim is to be filed, it should be done promptly. Q. How do we determine what deductible the HOA should choose? First, understand that a deductible is that amount you have to pay before insurance kicks in and pays. For instance, if the cost to fix something is $1000.00 and you have a $500.00 deductible, you would pay $500.00 and (if you submitted a claim) the insurance company would pay the remaining $500.00. There are three questions you should ask when selecting a deductible: How much can the association afford; How much can be saved per year by raising the deductible; and What alternatives are there to carrying a high deductible? Q. I’m a volunteer board member for my HOA. Do I need insurance? Absolutely. Board members are often asked to make tough and complex decisions for the association. Decisions that may make some HOA members unhappy or angry. Because HOA board members can be held personally liable for their mistakes and their decisions made for the association, they need Directors and Officers Insurance coverage. Normally paid for by the HOA, D&O coverage protects volunteer and paid board members from liability should there be claims against them for their work on behalf of the HOA. Q. How can we get competitive quotes for our HOA Insurance coverage? We are independent agents, and we have access to dozens of insurance carriers. Unlike a captive agent, who represents only one carrier, we can compare several policies saving you time and trouble. Q. What other insurance coverage do HOA’s need? There are several that may be needed, includin g: A. Commercial General Liability/Property Insurance - Liability refers to expenses and damages associated with legal action against the association. For example, if someone is injured on HOA property and decides to sue the HOA. The liability portion of the policy will pay defense costs and covered damages, if awarded. Some policies will include a retention amount, similar to a deductible, which is the HOA’s responsibility. Property damage, on the other hand, refers to physical damages to HOA buildings (that portion owned by the association) and public areas. For example, hail damages the condo exteriors, then the insurance provider will cover the cost of repairs less a deductible. B. Workers’ Compensation and Employee Dishonesty Bonds - Like any other business, if a HOA has employees, workers compensation insurance is necessary to avoid lawsuits should an employee be injured while on the job. Employee dishonesty bonds protect the association from theft and damage of association property by dishonest employees. C. Discrimination Claims Coverage - For associations in the position to foreclose on residents who fail to keep up with their mortgages, discrimination claims coverage is a must. When facing foreclosure, many people look for any way to avoid losing their homes; one of those ways may be filing a discrimination claim. This important home HOA insurance covers associations against this liability in the event they are required to foreclose against a person who is of a minority status, or some other protected individual. Discrimination coverage is becoming more important for HOAs as foreclosure rates continue to climb. D. Social Host Liability Coverage - Some homeowners’ associations have clubhouses and social gathering places where members and other guests can meet for planned events. If alcohol is ever served on association grounds at any of these events, HOAs need social host liability coverage. If the HOA does not permit the serving of liquor in the public areas, this coverage may not be necessary. E. Garage keeper’s Coverage - An association that has a garage where non-members are permitted to park must have garage keeper’s insurance. This insurance protects the HOA and the vehicle owner against vehicle damage or theft while that guest is on the premises and parked in the association’s garage. This is not meant to be an exhaustive list of insurance coverages available or needed by all HOAs. No single policy, or group of policies, can protect against every possible risk. It’s best to discuss your HOA’s specific needs with an independent insurance agent. Call us today.

When it comes to auto insurance, health insurance, small business insurance, and even wedding insurance, most people are eager to make sure they have the right coverage and are protected. However, when it comes to life insurance many people become squeamish and make excuses as to why they don’t think they need such important coverage. Below, you will find common excuses we hear for not buying life insurance, and our answers to them. 1. I’m a full-time, stay at home parent, why do I need life insurance? It doesn’t matter if you are married or single. If you have children, you need to consider life insurance. If you’re a married parent who works, will your partner be able to manage the income gap in the family finances without your paychecks coming in each month? If you’re a stay-at-home parent, you might not concern yourself with life insurance because you aren’t employed and earning a paycheck. But ignoring “unpaid labor” such as childcare and household tasks is a mistake. Maintaining a household is a full-time job, and you have many important roles and duties. If you die, your partner may have to pay for services such as childcare, transportation for your children, and housekeeping. Taking over these added responsibilities could cause your spouse to shorten work hours, resulting in a further reduction in income. Proceeds from your life insurance can help your spouse pay for services that keep the household running and allow your spouse to keep working. Additionally, permanent life insurance plans can offer benefits to supplement your retirement or provide you the ability to withdraw or borrow against its cash value. 2. I won’t collect it because I’ll be dead. Many people don’t realize that there are several types of life insurance policies that can provide benefits to the insured while they are alive. These benefits can include low interest loans that can be used by the insured for any reason, tax-deferred growth of the policy’s cash value, and a benefit that will pay out a portion of the policy limit should you become terminally ill or need long-term care because you are incapable of performing Activities of Daily Living (ADL), such as bathing, dressing, or eating. 3. Only old people need life insurance / I don’t need it; I never get sick. Life insurance premiums are based on your age and health when you buy the policy, so the cost is generally lower if you are younger and healthy. If you wait until you are sick or elderly to buy life insurance, it may be too late. Locking in a great rate when you are young can also give you a feeling of being financially secure and better prepared for the future. 4. I’ll have plenty of money in the bank to pay for my funeral when the time comes. Most people intend to save money and invest but the truth is that research by the Federal Reserve shows 40% of Americans would struggle to cover a $400 unexpected bill. With the average funeral costing more than $10,000, most families would be financially devastated without insurance. And turning to crowdfunding to raise funds for an unexpected funeral is financially risky and it’s a situation which only adds stress to an already difficult time. 5. It’s too expensive. Many people don’t have life insurance because they think it’s too expensive. Life insurance is not a one-size-fits-all solution. There are a variety of life insurance policies to provide you the coverage you need at a price you can afford. 6. I have plenty of life insurance at work. If you have life insurance through your employer, great! However, it may not be portable, meaning, if you leave the company, you may not be able to take your policy with you. Also, it likely doesn’t include any benefits other than a death benefit. You can gain a lot of information online about life insurance, but it can be time consuming and confusing. An experienced independent agent, like us, can help you sort through the clutter and select the policy and company to suit your needs. Give us a call today and we will be happy to give you more information and answer all your questions.

🎶Jingle Bells, Jingle Bells… if you listen closely, you can hear the sound of wedding bells in the distance, just behind those jingle bells. That is because Christmas is one of the most popular holidays to get engaged. It can feel like a magical time, and many that are newly engaged jump right in to planning and saving for the wedding. Planning a wedding can take a lot of work and can be very costly. According to The Knot, an average Colorado wedding with 100 – 150 guests can cost more than $30,000. Destination weddings can cost even more and can take up to a year or more to plan. That’s a lot of money, and as much as future newlyweds may not want to think about it, a lot can go wrong in that time. That’s why if you are planning a wedding, you need wedding insurance coverage. Wedding insurance is a type of special event insurance and special event insurance can be purchased for just that, any type of special event such as a wedding, an anniversary celebration, a Quinceañera, or a charitable event. Although you can purchase special event insurance up to three days prior to the event, the best time to purchase it is before you start incurring costs. The following paragraphs will dive more deeply into the reason behind getting wedding insurance specifically. Covid made many people realize the reality of having to postpone a wedding and the unfortunate cost related to postponement (or flat out cancellation). According to Lending Tree, 63% of American Couples postponed their wedding due to COVID. Our wedding cancellation or postponement insurance offers you protection throughout the wedding process. We can reimburse you for lost deposits and/or non-refundable payments if you are forced to postpone or cancel your wedding due to circumstances out of your control. Scenarios such as injury or illness of an immediate family member, vendor bankruptcy, extreme weather or unexpected military deployment can all be covered. Our wedding policy also covers you if a wedding vendor cancels on you and you need to hire a new, more expensive vendor. Coverage against loss or damage to wedding photographs and videos, wedding gifts, wedding rings or wedding day attire is also included with all policies. Remember that viral video of the wedding dress getting ruined? Wedding insurance could have helped cover the cost of the damage. (The wedding planner also should have had professional liability insurance, which was discussed in a past blog). Many venues also require you to have liability coverage. Liability insurance protects you from claims for property damage or bodily injury to a guest, including medical payments and defense costs in case of lawsuits. If you are serving liquor at your reception or rehearsal dinner, Liquor Liability coverage is a must. It protects you against claims of bodily injury or property damage due to the distribution of alcohol at your event. Remember that other viral video where the guest had a little too much to drink and nearly set the venue on fire? Unfortunately incidents like this happen more frequently than most people realize, so make sure you are protected. Planning a wedding should be exciting and fun, but we know that it can also be stressful and that it's easy to start thinking about the, “What if's”. What if my wedding dress gets ruined, what if that friend from college has a little too much to drink and gets a little too wild, what if I get cold feet and cancel the wedding? While we hope everything goes smoothly and you find your way to wedded bliss, we also want to ensure that through the right wedding insurance, you have peace of mind in knowing that you’ll be protected should something not go according to plan.

‘Tis the season for online shopping, holiday parties, and cyber crime. We’ve discussed it in the past and it is important enough, we are talking about it again. For many small businesses and individuals, this is a wonderful time of year for shopping, eating out, and merry making, but unfortunately it is also a time of year when we see increased activity by cyber criminals.

It's that time of year again when we are on the lookout for good deals, good gifts, and good shopping either for ourselves or for others. Unfortunately, this means thieves are also on the lookout, but they are looking for the perfect opportunity for parking lot pilfering, porch pirating, and personal ID theft.

Fall is finally here. As it starts to cool and the leaves begin to change, you may find yourself imagining the days to come where you'll spend more time in your yard raking up leaves and maybe watching your children enjoy jumping into them. Or maybe you're taking this time to plan a holiday trip to visit family out of state, and imagining all the fun you'll have on vacation. Now imagine you're doing yard work or completing household projects, and all of a sudden you find that your wedding or engagement ring is missing. What do you do? While the sentimental cost can not be replaced, will your insurance company pay to replace the financial cost? Or what about this, you love photography and are excited to use the brand new, expensive camera you invested in for family pictures. What will you do if it gets destroyed? Do you know your insurance policy well enough, to have the peace of mind that your camera can be replaced if something happens? Not sure about the above scenarios or have other questions about your personal property that goes with you on vacations or other trips? Read on!

When the pandemic hit, many people examined what they were doing in their careers and decided it was time for a change. Whether it was turning a side hustle into an all out business or focusing on something entirely new, many people decided to make the switch from working for a company to working for themselves. This is great and we know from personal experience that it takes a lot of work and dedication. An aspect that many people do not think about when striking out on their own is the importance of having the right insurance to protect their business. Read on to learn more about why professional and general liability insurance is important and how it can help protect you and your business.

In the United States there are approximately 1.5 million nonprofits, making up the 3rd largest workforce. Nonprofit organizations, just like other businesses, face many kinds of risks in their day-to-day operations. Additionally, most nonprofits use volunteers, which exposes them to risks for-profit businesses don't face. Obtaining the right insurance for a nonprofit can mean the difference between operating long-term or having to abandon their mission after a loss.

“We’re number one! We’re number one!” That is normally a good thing, but not when it comes to car theft. Did you know, Colorado is the No. 1 state in the nation for car theft? Colorado’s auto theft rate has increased 32% from 2020 and seems to be rising. According to the Colorado Auto Theft Prevention Authority (CATPA), our top cities for car thefts are Denver, Aurora, Westminster, and Pueblo. In 2022, more than 40,000 cars (that’s more than 100 cars per day) were stolen in Colorado. Of those, nearly 89% were recovered but most were found partially damaged, missing major components, or damaged beyond repair. According to the National Insurance Crime Bureau (NICB), catalytic converter thefts from vehicles jumped by 1,215 percent between 2019 and 2021. Below is a list of the 10 most stolen vehicles in 2022: Kia Sportage Hyundai Tucson Hyundai Sonata Chevy Silverado Kia Optima Hyundai Elantra Kia Sorento Ford F-250 GMC Sierra Kia Soul