New York, NY-- Feesible, an insurance provider focused on empowering homeowners in community associations, today announced the launch of an insurance solution helping to protect HOA homeowners by providing coverage from special assessments for HOA maintenance, repairs and replacements.
“Feesible gives homeowners a chance to protect themselves against all-too-common HOA risks,” said Will Sale, founder of Feesible. “If a roof needs replacement, streets need repaving, or a clubhouse needs renovation, owners can be on the hook for big fees if the association does not have enough saved. Feesible is proud to offer an insurance solution to help shield homeowners from those devastating special assessments.”
Feesible is collaborating with Markel Insurtech Underwriters, a division of Markel, to underwrite the insurance product. Fully automated underwriting can allow for a quick and seamless online user experience for dedicated coverage that can cover HOA and condominium homeowners for unforeseen special assessments up to $25,000.
“HOA surprises are expensive. Research shows that the average special assessment costs homeowners more than $5,000 each,” Sale added. “Few associations have saved enough to pay for future maintenance demands, and it is nearly impossible for homeowners to judge the physical and financial health of an entire condo building or neighborhood. Homebuyers have to cross their fingers and hope that their association hasn’t pinched pennies in the past. Feesible can take that unknown out of association ownership.”
Coverage is available for California homes directly on Feesible’s website and through insurance brokers and community association managers.
“Fewer than 5% of special assessments are covered by traditional homeowners’ insurance policies. The vast majority of assessments are due to property maintenance demands, repairs and renovation needs,” said Chief Insurance Officer Ali K. Wilson. “Our product can help HOA homeowners fill that daunting coverage gap.”
About Feesible
Feesible Inc. (Feesible) is dedicated to improving community association living in the 27 million homes in condominiums and homeowners associations across the country. Feesible’s unique special assessment insurance protection shields homeowners from repair, reserve and replacement surprises in their HOAs.
For more information visit https://www.feesible.com/.
About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Certain products and services are provided through various non-admitted insurance company subsidiaries of Markel and are offered through licensed surplus lines brokers. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.