Insurance Tips To Maximize Managed Community Recovery Following A Natural Disaster

DALLAS — September 14, 2023 — Associa, the community management industry’s largest company, wants to help homeowners association (HOA) board members better protect their communities against hurricanes, tornadoes, wildfires, and other natural disasters that continue to threaten life and property at an unprecedented rate. Follow these storm preparation and recovery tips to help communities facilitate faster recovery efforts.

Review Insurance Coverage

Review insurance policies regularly before the onset of severe weather or a natural disaster. Confirm that all insurance payments have been made, identify new risks, and guarantee that the association is properly covered and compliant with all HOA requirements.

Document Community Assets

To help the insurance company better evaluate damage – and for the claim process to proceed smoothly – document the condition of community assets prior to the event. Photograph or record components at most risk of damage. This provides a baseline reference to their condition and functionality before and after the impact of the event.

Evaluate Replacement Costs

Although replacement costs of major community assets should be determined while creating the annual budget and reserve account, their replacement may be more likely following a natural disaster. Be sure to take into account the difference in replacement cost versus actual cost.

Is Your Insurance Agent on Speed Dial?

Keep contact information for insurance agents and companies handy. The middle of a disaster is not the time to be searching for a phone number or email address. Find a safe place, offsite, to store important community documents (photos, videos, insurance policies).

Document All Storm Damage

Once the danger has passed, begin documenting community damage. Take high-resolution photos or videos that clearly and visibly demonstrate the extent of the damage. This is key to recouping as much of any claimed repair and recovery costs as possible. Do not hire contractors or begin repairs until all damage has been recorded.

Promptly File All Claims

Promptly filing insurance claims helps ensure faster compensation. Be sure that the claims adjuster provides a proof of loss statement. This is an official form from the insurer detailing the scope of damage to the property. If additional damage is found at a later date, continue working with your adjuster to modify your claims.

Choose Contractors Carefully

Hiring reputable contractors is critical. While a community manager or management company may have an existing network of trusted vendors, insurance claims adjusters might also provide recommendations. Always do your due diligence before signing a service contract.

Record All Recovery Transactions

Document the recovery process and retain correspondence and transaction records. This helps the board reference all data relating to the event. It also provides future board members with valuable insight into how past emergencies have been handled.

About Associa

With more than 275 branch offices across North America, Associa is building the future of community for more than 6.5 million residents worldwide. Our 14,000+ team members lead the industry with unrivaled education, expertise, and trailblazing innovation. For more than 44 years, Associa has brought positive impact and meaningful value to communities. To learn more, visit www.associaonline.com.

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