HOA Insurance Quote Forms
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HOA Insurance Quote Form
HOA Insurance Information
HOA Insurance Information
Many subdivisions, condominiums and planned communities have homeowners associations, known as HOAs, that help create and enforce rules for their properties and residents. Each HOA is different and has unique insurance needs. Gordon Insurance can work with you to find the insurance coverage that meets your association’s specific requirements.
What Is HOA Insurance?
An HOA insurance policy is sometimes called a master policy. A master policy covers liability expenses associated with onsite guest injuries and physical damage to common spaces within a community. HOAs are typically required to have insurance covering common areas shared between residents, such as pools, gyms or clubhouses. A master policy likely won’t cover anything inside a resident’s unit, including walls, household goods or personal property. Residents are responsible for purchasing their own home insurance.
What Does an HOA Master Policy Cover?
Your HOA master policy should, at a minimum, cover any shared spaces and structures owned by your HOA. Typically, members are covered for:
Liability expenses that are the HOA’s responsibility—The HOA is liable if a guest is injured in a common area, such as a shared lobby, gym or playground, and its master policy should pay.
Do HOAs Need Liability Coverage?
HOAs perform a variety of roles for communities. Almost all of these responsibilities can be a source of liability. Other types of insurance coverage can be valuable for your association to have, including:
Crime and employee dishonesty—Can protect your community from various types of theft, fraud and embezzlement by HOA employees or officers.
Director’s and officer’s liability—This liability insurance may reimburse directors and officers of an HOA for losses or defense costs from legal actions brought against them.
Employment practices liability—Can protect HOAs if employees or ex-employees make a claim or sue.
Equipment breakdown—May provide coverage for damages or loss caused by a sudden mechanical breakdown, like a leaking water heater that causes water damage.
Workers compensation— HOAs may have increased risk if an uninsured contractor or volunteer worker is injured. You may want to add a workers’ compensation policy to help cover the risks associated with workers’ performing their duties for your HOA.
How We Can Help
The complexities of HOA coverage can be challenging to navigate. HOA community members should clearly understand what their HOA covers to ensure their properties are appropriately insured against loss.
We can work with you to determine what insurance coverage may best protect your community’s assets. Call us today at 650-654-5555 to ensure you have suitable protection.