The Responsibilities and Risks of Homeowners Associations
A homeowners association (HOA) is often tasked with many responsibilities for the upkeep of a community or building. This usually includes many different areas of operation, like budgeting and maintaining the property. Since many of these special communities have unique aspects that draw in buyers, the risk factors for the HOA can vary drastically from one community to the next. An HOA insurance company can help determine the different risks and find a policy with the right amount of coverage to protect the association.
D&O (Directors and Officers) liability coverage can be useful in protecting the members of this association against various claims. Due to the varying nature of common claims, an insurance service can help decide the best terms for this part of the policy. Since HOAs usually are involved with maintenance and other types of property work, workers compensation coverage can be a huge help in case of injury. Not only should this protect the association, but the help given to injured workers or volunteers can get them back to their positions faster, thus keeping up with maintenance schedules. Other areas of coverage include crime and cyber liability, which can protect an HOA from various types of risks. Data, money and property can all be stolen, and the right coverage can offer protection against losses. Regardless of your risks, an experienced HOA insurance company should help you get the right coverage for your unique needs.