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Re: Condo association Master insurance premiums
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We switched to Travels for our hazard, and Selective for flood.

Posted on: 2010/6/17 1:28
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Re: Condo association Master insurance premiums
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My condo uses the Borgeson Agency in Oradell, NJ. We have been using them for several years. I deal with them once a year when my mortgage company wants proof of flood insurance.

Borgeson Agency
445 Kinderkamack Rd
Oradell, NJ 07649
(201) 967-0704

http://borgesonagency.com/

Posted on: 2010/6/16 14:17
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Re: Condo association Master insurance premiums
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I think after Katrina some insurance companies took stock of how many policies they had along the coast where hurricanes occur (yes, hurricanes can come here). Depending on their mix of exposure, some insurers made adjustments, yours might be one of these.

Either way, if you can?t get service from your agent, find a new one.

Posted on: 2010/6/16 13:55
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Re: Condo association Master insurance premiums
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Thanks for the replies. I don't believe the increase in the condo Master policy insurance premium is related to the increase in the flood insurance premium. The flood insurance rate had not increased until this year, whereas the master insurance rate keeps increasing every year. I hope to get a hold of the manager of the qagency soon to get justification for the yearly increase in premium.

I will certainly start shopping around for other insurance companies that offer master insurance policies. Again, any recommendations will be greatly appreciated.

Posted on: 2010/6/16 13:03
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Re: Condo association Master insurance premiums
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Is the raise in premium directly related to your flood insurance? I manage a 5 unit building in the heights and (knock wood) we haven't had an increase in a couple of years. We use State Farm and pay less than 2K per year. If they can quantify that the increase is directly related to the flood portion of your policy, then that would seem to be a downtown problem. Otherwise, it's time to look for a new agent.

Posted on: 2010/6/16 5:30
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Re: Condo association Master insurance premiums
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Our management company, Red Bridge, got us cheaper rates for our premiums this year by shopping around. We had to switch companies though.

Posted on: 2010/6/16 2:15
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Condo association Master insurance premiums
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This posting is directed to those of you who manage a condo association, particularly for small buildings (2-4 units) in downtown Jersey City.

I manage a condo association for a two-unit building located in the Italian Village (downtown JC). Building was built in 2002, so it s fairly young construction. Since we moved to our condo 4 years our master insurance premium (which we hold with a small agency in Bayonne) has been raised at an average of 5% every year. We have never filed a claim for the master policy. The renewal policy shows a slight increase in the "Limit of Insurance" amount every year. I called the insurance agency to get an explanation for the premium increases and also entertain alternatives on stopping or capping the premium increases; however, I have not been able to get a hold of the agency's manager yet. The assistant at the agency is rather 'uncooperative' and useless.

By the way, Flood Insurance for our condo association also went up this year by about 10%...

So I wanted to find out of other condo associations in the downtown area are experiencing the same rate increases, and in that case, the justification for those increases. If you also have any particular good recommendation on insurance agencies for condo associations please feel free to share. And the same goes for insurance agencies to "stay away" from.

Too bad New Jersey Manufactures does not offer insurance policies for condo associations...

Thanks in advance for any feedback in this regard.

Posted on: 2010/6/15 20:58
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