Mass Business Insurance Blog: August 2010

6 Ways to Save Money on a Master Insurance Policy for a Condo Association in MA

 

How to save money on your Condo's Master Insurance policy: 6 Ways to save money on a master insurance policy for a condo association in MA. 

  1. Receive a discount when you combine more than one line of insurance coverage with the same company: example: Purchase your Condo's Master Insurance Policy along with an umbrella policy with the same company. 
  2. Have your insurance agent run a cost estimator which will determine the cost to reconstruct your building: Next, look at how much building coverage you currently have. If the cost estimator projects the amount to rebuild is lower than the current coverage amount you maybe over insured. This means you are paying more than you need to be and could lower the cost of your Condo's Master Policy.
  3. Examine the savings from carrying higher deductibles.
  4. Select the right types of coverage by utilizing a local independent insurance agent that knows your neighborhood. AJ Marchionne Insurance Agency will provide your association with an insurance menu listing the coverage we recommend in order of importance along with its respective cost. Your association can then select the coverage they want to purchase.
  5. Claims Management - Have all claims submitted through the Board of Directors.  If all claims are filtered through the board of directors it helps to eliminate small losses (mainly under the deductible amount of the master policy) that may increase the cost of your association's insurance renewal. The less claims activity you have = the more insurance carriers want to compete for your business = more favorable pricing.
  6. Pay your insurance premium in full or ask for free financing.

Give us a call and we'll provide as much or as little information as you'd like. AJ Marchionne Insurance Agency Inc. offers person to person service, competitive pricing, confidence in your decisions, and a first class experience! Ask for AJ Marchionne: M-F 9-5 at: 617-471-5010

Website: www.marchionneinsurance.com

Our Blog: http://massbusinessins.com/

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Comment balloon 0 commentsAJ Marchionne • August 09 2010 04:36PM
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