Homeowners Association (HOA) Insurance

HOA coverage refers to insurance coverage provided by a Homeowners Association (HOA) for a residential community or condominium complex. The purpose of HOA insurance is to protect the common areas and shared elements of the community, as well as to provide liability coverage for the association itself. The specific coverage and details can vary, but there are typically two main components:

  1. Property Coverage: This component protects the physical structures and common areas owned by the HOA. It includes coverage for buildings, clubhouses, swimming pools, fitness centers, landscaping, and other communal facilities.
  2. Liability Coverage: This component provides protection for the HOA and its members (including board members) against liability claims arising from bodily injury or property damage that may occur in the common areas. For example, if someone is injured while using a common facility, the liability coverage may help cover legal expenses and settlements.

It is important to note that while HOA coverage protects common areas, it does not extend to the interior of individual units. Unit owners are usually responsible for obtaining their own insurance.

HOA coverage is funded through the association fees paid by homeowners. The specific terms and coverage limits of the HOA insurance policy should be outlined in the association’s governing documents, and residents should familiarize themselves with these details to understand what is covered and what additional insurance they may need for their individual units.

Directors and Officers (D&O) Insurance

Directors and Officers insurance coverage covers legal defense costs and financial protection for board members and officers in case they are sued for alleged wrongful acts in managing the association. Fidelity Bond protects the association against theft or embezzlement of association funds by board members, staff, or volunteers.

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