Are you dealing with rising HOA insurance costs or having difficulty securing coverage due to fire, hurricane, or hail risks?

It’s crucial to talk to your homeowners about these issues. While insurance companies play a significant role, homeowners can help find solutions to reduce costs and secure the right coverage.

For example, in Vail, Colorado, where fire risk is high, making sure gas grills are 10 feet or more from structures or switching to electric grills can be the difference between securing coverage or not.  According to the Consumer Protection Safety Commission, in 2024, over 9,000 structure fires were started by grills.

Also be wary of “Agreed Value” coverage; it may seem cheaper but results in calculating the building depreciation in the settlement, potentially leaving you substantially under covered.

As the HOA Board of Directors and homeowners, understanding the importance of replacement cost and the need to review these amounts annually is paramount.

Having these conversations between the HOA Board and homeowners can encourage homeowners to compromise, especially when faced with higher costs or non-renewal.

If you haven’t started these discussions, schedule a meeting with our team to address rising insurance costs and their impact on dues. And remember, we specialize in HOA coverage in high-risk areas.

Tony Martinez is the founder and principal agent of Gypsum-based Cornerstone Insurance & Financial Group. With more than a decade of insurance experience in the Vail Valley, the team brings experience in all industries and in turn, businesses receive an inside track and understanding about insurance challenges, risks, and liabilities, and how best to reduce these with thorough business health checks – all on their time – and for businesses large and small, locally, regionally, and nationally.  The team also brings more than 40 years’ experience in back of the house hospitality, including positions with Gramercy Tavern Culinary Group, Lodge at Vail, Arrabelle, and Beano’s Cabin to be the leading hospitality business insurer in the Eagle County.