HOAs Face Rising Premiums, Limited Coverage Options, Join a Webinar to Discuss Solutions
The recent wildfires that destroyed 16,240 homes and commercial properties, including condominium associations and planned developments, have left California’s insurance market in crisis. With estimated losses between $95 billion and $164 billion, and insured losses projected at $75 billion, securing coverage is expected to become even more difficult and costly for homeowners’ associations (HOAs) statewide.
To address these challenges, Adams | Stirling will host a webinar on Tuesday, March 4, from 12:00 p.m. to 1:00 p.m., featuring industry experts Adrian Adams from Adams Stirling, along with Michael Berg and Terri Guest from LaBarre Oksnee Insurance.
Topics to Be Covered:
- The state of the insurance market and what the future holds
- Board responsibilities and liability when insurance is unavailable or unaffordable
- Special assessments required to secure insurance coverage
- Amending CC&Rs to allow greater flexibility in purchasing insurance
- Steps boards can take to protect their associations from wildfires
- CC&R damage and destruction provisions—should they be amended?
With insurance already difficult to secure for many associations, the Los Angeles wildfires will only worsen the crisis, leading to higher premiums and fewer options. Board members, property managers, and homeowners are encouraged to attend the webinar to better understand their options and responsibilities in navigating the evolving insurance landscape.
To join the webinar, register here to secure a spot in next week’s discussion.
