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What Insurance Coverages Does Your Hoa Need

A homeowners association should have insurance as similar to separate homeowners' insurance. Home insurance Association covers risks involved in maintenance issues of ownership and responsibility of the neighborhoods that have a homeowners association. 

However, this resident insurance coverage is different from regular home insurance. Associations should ensure that they are covered with the right home insurance HOA that is specific to the needs of an HOA to keep everyone and everything protected.

hoa insurance

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General liability insurance of the property: Property insurance, also called liability insurance is necessary for any HOA that deals with condominiums and cooperatives to protect their buildings. These policies cover the structures themselves, not their contents, which are the responsibility of the owner of the condo or renter.

Standard Liability Insurance: HOA also needs regular liability insurance that protects against situations like injuries to visitors who enter buildings, etc. It is significant to these organizations that their general liability insurance does not cover these risks. That's why the addition of standard liability insurance policy HOA is essential.

Social host liability coverage: Some homeowners associations have clubs and social gathering places where guests and members can meet or scheduled events. Many HOAs rent their facilities for special events and weddings. If alcohol drinks are increasingly served by reasons of association in any of these events, homeowners associations need liability coverage. If the HOA does not allow the serving of liquor in the gardens, this coverage may not be necessary.