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Association Insurance
When it comes to buying association insurance, there is still a lot of ambiguity as to what it covers, in comparison to what is already covered by homeowners insurance. The following tips should come in handy when you’re out there making a choice from among the various association insurances that are available on the market.
It’s always a good idea to carefully research the insurance companies that are providing association insurance. Since the loss ratio can vary greatly from company to company, it can affect the premiums that are being offered to you. Look around for an independent agent who has the know-how and expertise to correctly advise you about association insurance. He or she is sure to find the best deal for you.
Study your association insurance policy thoroughly. Your insurance should have fire and hazard, directors and officers liability, employee dishonesty and general liability coverage. Speak to your insurance agent if you need additional coverage such as earthquake, building or ordinance coverage.
Never make a decision without consulting your insurance agent first. He may be able to tell you important details, like the fact that earthquake insurance is usually 10 percent of your premium, or that building ordinance or law coverage is always a good buy, as it covers increased construction cost in the event of building changes due to zone or building laws.
All homeowners need to be informed that it is essential for them to carry homeowners insurance, since association insurance does not cover their contents or personal belongings.
At Berg Insurance, we understand that choosing an insurance policy is never easy and there might be lots of questions that require answers. That’s what we do best. We have extensive experience and can help you understand all aspects of association insurance. That way you will be able to make an informed choice. Feel free to get in touch with us at our toll free number 800-989-7990 to learn more about association insurance. |
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July 16th, CAI-GRIE Billiards Tournament
SEE PHOTOS
July 28-30, CACM Expo
Disneyland Convention Center
Who to look for? - Michael Berg, Kimberly Lilley and Marianne Pick
August 6th, CAI-GRIE Bowling Tournament
4:30 pm - Brunswick Classic Lanes
1800 Hamner Avenue, Norco, CA 92860
Who to look for? - Michael Berg, Kimberly Lilley and Marianne Pick
August 10th, CAI-GRIE Luncheon
11:00 am - Riverside Convention Center
3443 Orange Street, Riverside, CA 92501
Who to look for? Kimberly Lilley and Marianne Pick
August 12th, CAI-OC Luncheon
11:30 am - Irvine Marriott
18000 Von Karman Ave., Irvine, CA 92612
Who to look for? Michael Berg, Kimberly Lilley and Marianne Pick
August 16th, CAI-GLAC Golf Tournament
8:00 am - Braemar Country Club
4001 Reseda Blvd., Tarzana, CA 91357
Who to look for? Michael Berg
August 25th, CAI-GLAC Luncheon
11:30 am - Skirball Center
2701 North Sepulveda Boulevard, LA, CA 90049
Who to look for? - Kimberly Lilley
August 27th, CAI-SD Luncheon
11:00 am - DoubleTree Mission Valley
7450 Hazard Center Drive, San Diego, CA 92108
Who to look for? - Michael Berg and Kimberly Lilley
September 10, CAI-SD Morning Program
8:30 am, Courtyard by Marriott
8651 Spectrum Center Blvd San Diego, California 92123
Who to look for? - Kimberly Lilley
BERG PHOTO GALLERY
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Common Interest Developments
There has been some discussion of revised Fannie Mae guidelines with respect to community associations. This discussion has brought confusion, and I hope to provide some clarity to the issue.
Fannie Mae presented Announcement 08-34 on December 16, 2008 titled “Project Eligibility Review Service and Changes to Condominium and Cooperative Project Policies.” Among the many items included in this Announcement are general policy changes regarding project eligibility requirements, and condominium association project insurance clarifications. More…
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