As any home wants to protect its assets and family inside, a homeowners’ association should seek to protect its association and residents. The HOA insurance market is there for organizations to protect people and assets alike. It is the job of an HOA to comply with any state laws when it comes to insurance. Like any insurance coverage, it’s important to understand which types of coverage are necessary for HOAs.
Types of Coverages
With unique needs, homeowners’ associations may need the following coverages:
- Crime insurance
- Directors and officers liability insurance
- Cyber liability insurance
- Workers’ compensation
Of course, finding the right coverage plans are important. Look for customizable coverages where you can choose what works best for your community.
Find a Broker
Finding a good insurance broker may seem difficult at first. Your first tip is to research and have some understanding of what it is that you are seeking. Then, look for a broker with a strong reputation and long history in the community. The more experience, the more committed you can guess a business has been. High quality insurance includes different coverages, great customer service and competitive premiums.
When it comes to the HOA insurance market, all homeowners’ associations need to utilize it in order to protect their association, residents and assets.