First Underwriters Insurance Brokers provide insurance protection for property and liability policy that addresses the unique coverage requirements of homeowner associations.
A homeowners association (HOA) shoulders not only the well-being of a community but also many of its inherent risks. With few regulations and no general insurance programs able to fit all HOAs, it is imperative to understand the details of your association’s coverage and design it to meet your needs. Fill the cracks in your insurance so that you are not making costly payments when the unexpected happens.
HOA Insurance Basics
HOAs are required to possess general property and liability insurance; however, these policies can’t cover the HOA from every angle. If you stop to think about your association’s policy, you might come up with a few questions: How much coverage does general insurance actually supply? Is there coverage out there for my association’s automobiles? What about our employees and directors?
Property, money flow, workers, executives—a robust HOA requires much of the same insurance as a regular business. Everything from vehicle operation to officer conduct can be a source of liability. Holes in coverage should be searched out and plugged quickly.
What Was Missed?
Think about every official action and function your HOA takes and fulfills; nearly all of these interactions can be a source of liability for the community. Here are some policies that often are overlooked:
Completing Your Coverage
The variety and depth of HOA coverage is huge and difficult to navigate. An agent who understands your community is crucial to getting excellent coverage. Call First Underwriters, Inc and discuss any changes to your community or concerns you may have about your HOA’s coverage. Working together, we can discover the exact insurance your association needs to protect the assets of your living community.
To learn more about Homeowners Association coverage and how First Underwriters, Inc can help protect your business, contact us today at (425) 242-5357.