FEATURED EBOOK: The HOA Insurance Claims Process: A Step-by-Step Guide
When an accident or unexpected damage occurs on homeowners’ association (HOA) property, HOA insurance coverage is more important than ever. A comprehensive insurance policy means your association and residents are financially protected and there is less downtime for the community.
For example, your association can file an insurance claim to cover expenses when someone suffers an injury in a shared space or if a fire damages community property. Filing your claim correctly will help maximize your HOA insurance benefits and speed up the claims process.
As a trusted industry leader, Associa has supported thriving communities for decades. We work with board members to help them protect their associations and take the right steps when handling insurance claims. Insurance policies may provide different levels of coverage for each unique association, so no two communities may be exactly alike. While all insurance carriers and agents may process claims a little differently, in this ebook, Jeremy Day, senior sales executive for Associations Insurance Agency, Inc., shares a step-by-step guide on what typically happens when filing an HOA insurance claim.
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About Jeremy Day
Jeremy Day is the senior sales executive for Associations Insurance Agency, Inc. (AIAI). Since 2016, he has helped companies protect their most valuable assets with the proper insurance coverage. Starting in the commercial transportation industry, he has served community associations through AIAI for the past seven years.
Frequently Asked Questions About HOA Insurance
What Is HOA Insurance?
Like other types of insurance policies, HOA insurance or condo association insurance serves as a safety net should something go wrong on community property. The purpose of HOA insurance coverage, which is also referred to as the “master policy,” is to protect association members from liability if there’s an accident, injury, or damage in shared spaces.
Your HOA’s governing documents should have details on HOA insurance requirements, including the minimum coverage for the association. However, it’s essential to consider the needs of your community when looking for the appropriate insurance coverage.
What Does HOA Insurance Cover?
Homeowners’ association insurance will generally cover property damage and liability expenses, ensuring homeowners don’t need to cover these costs themselves.
Property damage. HOA insurance provides coverage for expenses related to structural damage in common areas, including repairs after an accident, fire, or vandalism. Still, some policies don’t cover damage caused by natural disasters or seasonal weather. You may need to add that coverage separately to confirm your HOA is protected from those costs.
General liability. HOA insurance also covers liability expenses for the association. If someone has an accident or is injured in shared community areas, HOA insurance may cover the cost of legal defense, settlements, and other expenses.
What’s the difference between HOA insurance and homeowners’ insurance?
While HOA insurance provides protection for homeowners in the common areas of the community, homeowners insurance is specific to the resident’s property, including:
· The home’s exterior
· The home’s interior
· Personal property within the home
· Improvements or additions to the property
Mortgage lenders will often require homeowners to purchase an individual policy for their home, even if they live in a community with HOA insurance. For the most part, HOA and homeowners’ insurance policies have completely separate roles and don’t duplicate coverage.
HOA Insurance Rate Increases & Other Expectations for 2024 Webinar
In 2024, the community association industry experienced the highest insurance rates in history, but not all HOAs were affected equally.
In this webinar, Greg Smith, CMCA®, AMS®, PCAM®, director of learning and development for Associa, and Jeremy Day, sales executive for Associations Insurance Agency Inc., outline what happened in the world of HOA insurance, how it impacted communities, and tips and strategies for saving money, mitigating risk, and planning for the future.
More Related Content About HOA Insurance
To learn more about HOA insurance, check out these ebooks and articles.
“HOA Insurance FAQs for Beginners”
Understanding the complexities of HOA insurance and finding the right policy for your association can be overwhelming and leave you with more questions than answers. However, it’s vital to have HOA insurance coverage to shield board officers and homeowners from financial culpability in case something goes wrong. Read this ebook for answers to the eight most frequently asked questions about HOA insurance.
“HOA Insurance Coverage Breakdown”
It’s crucial for board members to choose the proper coverage carefully. Regularly reviewing your insurance policy will ensure the community is adequately protected. What types of HOA insurance are available, and what coverage is necessary for your association? Every community is different, so your master policy needs to reflect your HOA’s needs. In this ebook, Jeremy Day shares a comprehensive breakdown of various types of HOA insurance coverages and why you might need them.
“5 Tips: How to Prepare for Rising HOA Insurance Rates”
While HOA association insurance rates are rising, it’s important to maintain a comprehensive plan. Here, Jeremy Day from Associations Insurance Agency, Inc. shares tips on how to prepare for rising HOA association insurance rates and still sustain adequate coverage. Read on!