Make sure that your managing agent markets out your insurance policy every year. Rates change from year to year, so you have to make sure that you’re getting the best policy out there. It’s very important that he should be giving it out to at least 3 insurance brokers. The time to start shopping for insurance is 90 days before your renewal date. This way the brokers have enough time to negotiate coverage & pricing with the underwriters. It’s also very important to make sure that the managing agent is not getting any kickbacks from the insurance brokers, it is illegal and it creates a conflict of interest, so you’re not getting the best insurance policy that your condo/coop deserves.
By Izzy Green
Evergreen P&C Insurance Agency, Inc.