HOAs insure common areas and amenities and face claims from owners, vendors and guests.
What it generally covers
- Common-area property
- General liability
- Directors and officers
- Crime
- Workers’ compensation, if the association has employees
Where gaps often hide
- Governing documents may require specific coverage
- Flood
- Vendor and contractor insurance requirements
Questions worth asking
- Which common property is insured, and for how much?
- Does our program meet the requirements in our documents?
- How do we verify that vendors carry insurance?
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General information only. Actual coverage depends on your policy, and coverage is not in force until confirmed in writing by the agency.