At ABI, protecting your Association’s assets is our primary concern. Because each condo owner owns a portion of the ‘shared’ buildings, these shared communities require specific insurance policies. There are literally thousands of condominiums, homeowner communities, and planned unit developments in the Pacific Northwest, all with their own unique insurance needs. Typically, each unit is individually owned and comes in all different shapes and sizes. Providing the specific insurance needed to protect the assets of each condominium owner who owns a portion of the ‘shared’ building, and the members of the board association who are affecting the property with daily decisions.Ĭondominiums or condos are often called “shared communities,” based on shared common areas. Also, a social host liability insurance policy is helpful to have if you allow HOA members to host events at HOA owned buildings or common areas, as it provides coverage from potential liability claims.ĭo you need specialized homeowners association insurance for your HOA? Contact us to discuss your options.Specialized Insurance Policies for both the Homeowner and the Association (HOA)
A cyber liability insurance policy could benefit the HOA if you store any sort of personal information on your computer network. For example, if you hire employees that perform maintenance and they are injured on the job, workers’ compensation would offer coverage for their medical expenses. There are some policies that your homeowners association needs to consider in order to provide more coverage. The business side of homeowners associations. Your agent will be able to determine what is covered by the HOA and what HOA members are responsible for. The requirements of minimum coverage that HOA members need may vary depending on where your community is located. This means that if a resident does not have the appropriate coverage for their personal belongings, it would not be covered under the HOA’s policy. Homeowners association insurance covers structures owned by the HOA, not the personal belongings of the residents. Important things to know about homeowners association insurance. Crime insurance can provide coverage to help protect your HOA in event of crimes by either a 3rd party or an employee, depending on the policy. Directors and officers (D&O) insurance helps protect the assets of board members if the organization is sued for alleged acts of wrongdoing. For example, if a visitor sustains injuries while at your HOA’s common area, your liability coverage would kick in to cover costs from medical claims and potential lawsuits. Homeowners associations have the responsibility of the safety and well-being of their residents and visitors on property owned by the HOA. The risks that homeowners associations face.
A commercial property insurance policy offers coverage for buildings owned by the HOA, but it’s important to note that it only covers the structures, not the personal contents of residents. This provides coverage against property damage and loss, as well as liability claims from visitors or HOA members. One of the most important coverages each of these homeowners associations need is an HOA master policy. Homeowners associations of all types need insurance, including condominiums, planned communities, and townhouses. What insurance coverages do homeowners associations need?
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