Homeowners Associations: What Type of Insurance Do You Need?
If you’re the member of a homeowners’ association board, you may have heard that you need insurance. While it’s vital to have proper insurance coverage, you might not know what you need. Here are the types of insurance you should seek from HOA insurance companies.
Accidents and injuries happen. If your HOA is liable, then you need to have insurance to handle any lawsuits that come of it.
If your HOA owns the property, then you need to protect it. This coverage simply insures the property against theft, damage and vandalism.
Directors and Officers Liability Insurance
D&O coverage protects trustees and officers from liability when they perform their duties. If there’s an accidental error, this covers it. This does not cover intentional errors.
If you don’t have workers’ compensation, then you need to think about getting it right away. Workers’ compensation covers employees and volunteers. While contractors have workers’ compensation, you still need some to cover your own association.
When you’re the member of an HOA, it’s important to have coverage for all of your risks. HOA insurance companies can help you figure out the types of coverages you need for your association’s specific needs. Insurance is crucial to have, it’s important that you cover the basics.