How to Manage Insurance Renewal in your Minnesota Homeowners Association

Your association’s insurance renewal can be lengthy, drawn out, time consuming and always seems to come down to the wire. Having a clear, laid out plan to help steer the process will keep you, the entire board, and most importantly your association in the best position to obtain quality proposals in a timely manner for a job well done.
Here are some helpful tips to consider when preparing for your next insurance renewal:

1. Begin early

120 days may seem like a long lead time, but in the insurance world it’s an ideal amount of time to start compiling information, aligning brokers and building a game plan for your renewal. Contact your local insurance coordinator to gauge their feedback on renewal strategy. Obtaining multiple quotes doesn’t always mean multiple brokers, but beginning the process early is the best way to ensure a positive outcome. FirstService Residential Minnesota’s Insurance Coordinator is Alicia Smith and can be emailed with questions related to Minnesota association insurance renewals at

2. Make a Plan to Keep on Track

Before you start sending requests for quotes to multiple brokers, create an outline and set clear expectations. Reach out to your insurance coordinator or association manager to setup up a plan to successfully gather the underwriting information and the instructions for brokers on carrier assignments. Set a realistic proposal delivery date for all requested quotes and keep the carriers accountable. Your insurance experts are there to help you and your board during the entire renewal process. 

3. Rely on the Experts

From insurance coordinators to FirstService Insurance experts, FirstService Residential equips its board members and association managers with the multiple resources to provide enhanced value during the renewal process. Utilize whomever is at your disposal to assist with keeping brokers accountable, assigning carriers to agents and assessing which proposals are best for your association.

4. Be Sure All Board of Directors are in the Know

Insurance carriers are different than other vendors and their process may prove difficult for some boards to understand during the underwriting phase. Most often, insurance carriers will only issue new quotes within 30 days of the current policy’s expiration date, which can make adding insurance renewal to your meeting agenda difficult. The reason for this 30 day grace period is that their underwriting appetite can be impacted if a claim occurs during the assessment period. Be sure that all members of the board understand this process and that quotes can – and will – come in the eleventh hour.

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