Buildings with masonry-type construction and with sprinkler systems generally benefit with the most favorable rates. The loss claim history of your association is also a critical factor in rate determination. Insurance carriers generally have a three to five year “look back” in order to determine your rate. Associations with few claims will benefit with the most favorable rates. Associations with a history of water damage type claims bay be decline by many carriers. We can evaluate what programs your association may be eligible for by a review of your insurance claim history, which can be obtained from your current insurance carrier. It is a simple computer printout of any claim activity experienced over the past 5 years.
Insurance companies undertake a detailed underwriting process. To obtain the most favorable rates, below are some factors that they consider