In today’s challenging insurance market, association boards need every advantage when shopping for competitive coverage. One often-overlooked strategy can significantly improve your renewal outcomes: scheduling your insurance appraisal 90 days before policy renewal.
The 30-Day Marketing Window Challenge
Most association boards don’t realize that insurance brokers and agents operate under a significant limitation: they can only request marketing quotes from carriers within 30 days of your renewal date. This critical 30-day window is your only opportunity to explore multiple carriers and secure competitive pricing.
Why Your Appraisal Timeline Matters
When associations wait until the last minute for updated appraisals, they create a problematic scenario:
- Your broker begins marketing your policy at the 30-day mark
- Carriers request current valuation documentation
- Without an updated appraisal, carriers may:
- Decline to quote altogether
- Provide limited coverage options
- Price policies based on outdated or estimated valuations
The 90-Day Appraisal Advantage
By scheduling your insurance appraisal 90 days before renewal, you create several strategic advantages:
- Complete preparation: Your broker has accurate valuation data ready when the 30-day marketing window opens
- Maximum carrier options: More insurers will consider your property with current documentation
- Negotiation leverage: Accurate valuation data gives your broker stronger positioning
- Time for adjustments: If your appraisal reveals significantly higher replacement costs, you have time to explore coverage options and budget accordingly
Real-World Impact
Associations that provide current appraisals during the marketing process consistently receive more carrier quotes and often secure better coverage terms than those scrambling for documentation at the last minute.
Take Action Now
If your insurance renewal is approaching within the next 120 days:
- Check the date of your last professional appraisal
- Schedule an updated appraisal at least 90 days before renewal
- Provide the completed appraisal to your insurance broker immediately
- Request a detailed marketing plan for your renewal
Don’t let outdated valuation data limit your insurance options. Contact Prestar Services today to schedule your professional insurance appraisal and position your association for the most successful renewal possible.
