December 5, 2018 from 11 AM to 2 PM
Karl Malone Toyota – 1535 S Lone Peak Parkway Draper, UT
Do you have clients that own property part of a Home Owner Association?
Come and discover how you can help them prevent devastating financial disaster.
By participating in this 3hr continuing education course you will:
- Discover the number one challenge facing property owners belonging to HOAs when a disaster occurs
- Learn how individual unit owners insurance policies (HO-6) and the HOA master policies are designed to work together to prevent gaps in coverage and breakdowns at claim time
- Determine who’s responsible for covering a master policy deductible when disaster occurs and more than one unit is involved
- Explore actual case studies and the negative effects on individual home owners and their HOA when insurance policies are not structured properly
- Identify challenges, if not corrected, that could lead to individual foreclosures and even the financial collapse of an entire HOA
Description of this course:
One of the most profitable ways to expand the success of your business is to increase your ability to serve property owners belonging to a Home Owner Association (HOA).
Did you know HOAs are the fastest growing type of development in the U.S. today? The savings these types of developments provide municipalities and the additional features and benefits unit owners receive at a discount have caused a rapid expan- sion in the creation of these types of properties.
However, there’s a major challenge property owners of HOAs continue to deal with. When this challenge arises, it can have devastating repercus- sions including the forced non-judiciary foreclosure on an individual’s property.
But the good news is with a little extra awareness and proper preplanning this one major challenge can be eradicated as an issue for HOA property owners.
If you are a service provider with clients who own these types of properties, understanding this information can make a positive difference.
Many unit owners, and even most board members of HOAs, are not aware of how their individual insurance policy (HO-6) is supposed to work with their HOA’s master policy; as well as in conjunction with their neighbors policies when more than one unit is involved in a claim.
This lack of awareness can have devastating effects, it can even lead to the financial collapse of an entire HOA.
In 2012 the Utah State Legislature passed Senate Bill 167. Included in that bill are new laws govern- ing the proper use of insurance protecting HOA properties. But most individual unit owners, board members, and service providers of HOAs still don’t understand the law and because of this there are still preventable and sometimes devastating breakdowns occurring today.
“Understand S.B. 167 & HO-6 Policies” is a 3hr continuing education course that’ll provide you with valu- able information you can share with any of your clients, friends, or family members who own a property belonging to a HOA.