Homeowners Associations (HOAs) shoulder critical responsibilities in managing communal property and ensuring a safe environment for residents. From multi-building complexes to smaller developments, an HOA’s property risks can vary widely. Understanding how coverage works is the first step toward securing the buildings, structures, and shared amenities you oversee. Below, we explore essential property-related insurance components—from standard property coverage and “walls-in” protection to specialized add-ons like earthquake and flood policies.
Property Coverage & How It Works
A robust HOA policy starts with building/property insurance to protect against physical damage caused by fire, wind, vandalism, or other covered perils. This often includes:
- Walls-In Coverage & Condo Unit Owner HO6: Defines whether the HOA policy or the individual unit owner’s HO6 policy covers the interior of each unit, including walls, fixtures, and flooring.
- Ordinance & Law: Addresses costs associated with bringing older buildings up to current codes after a covered loss.
- Earthquake & Flood: Provides crucial safeguards in high-risk areas where standard property policies may exclude these perils.
- Small HOAs: Even with fewer units, a structured property policy ensures common elements—like roofs or landscaping—stay protected from expensive repairs.
By clarifying these boundaries and endorsements, HOAs can maintain clarity with unit owners and avoid coverage gaps. Whether you manage a large complex or a smaller community, the goal remains the same: protect communal assets while fostering a well-maintained neighborhood.
Protect Your HOA’s Property with Inszone Insurance
Managing an HOA means safeguarding shared spaces, buildings, and amenities from potential damage. With Inszone Insurance, a well-structured property policy helps protect against costly repairs and ensures a safe, well-maintained community.