In recent years, allocating HOA insurance deductibles has become a top priority among community associations. This is largely due to the increase in premiums, which associations are struggling to keep up with. While insurance can be a tedious issue, it’s one that associations can’t afford to neglect. After all, insurance plays a crucial role in…
Every homeowners association should make sure it has sufficient insurance coverage. But, with rising HOA insurance rates, many are finding it difficult to keep up without causing significant financial strain to their bank accounts. Understanding the Phenomenon of Rising HOA Insurance Rates The HOA insurance market has been experiencing a notable shift within the last…
A competent HOA board should evaluate their community’s exposure to HOA insurance risks and include them in their next update. While some risks are easier to identify, there are other uncommon ones that you shouldn’t neglect. It is easy to dismiss the more uncommon risks, as they are less likely to happen. However, this type…
The leaders of an HOA community can run into all sorts of legal trouble, jeopardizing their personal assets and interests. This is where D&O insurance comes in. Understanding D&O Insurance for Nonprofits What is DnO insurance? Simply put, Directors and Officers insurance is a form of insurance that offers protection to the directors and officers of…
While it may not seem important at first glance, workers comp insurance is something that every homeowners association should have. This type of insurance policy is essential even if the HOA itself does not have any employees or workers. Workers Comp Insurance Definition Workers compensation insurance is a form of insurance that offers wage…
Every now and then, a homeowners association should perform an HOA insurance review. This review helps protect the association and keep it in good financial shape. The Importance of an HOA Insurance Review Proper insurance coverage is essential to any homeowners association. Once you have all the necessary policies in place, though, you can’t simply…
Like any organization, homeowners associations are vulnerable to crime and theft. While establishing internal controls can certainly help ward off fraud, these controls are often not foolproof. This is where fidelity bond coverage comes in handy. What Is Fidelity Bond Insurance? Simply put, a fidelity bond is an insurance policy that protects a homeowners…
Homeowners association insurance is a costly but a worthwhile expense because it offers financial protection in cases of damages or losses within the community. However, there are still plenty of HOA boards that do not realize the importance of HOA insurance. To ensure that your community is adequately protected, here are the most important HOA…