Condo Association & HOA Insurance

What Is Condo Association & HOA Insurance?

Condominium and homeowners association policies are designed to provide property and general liability coverages to meet the needs of each associations. There are also other lines of coverage that should be considered. Florida statute 718 governs the insurance responsibility of the condominium association. The homeowners association insurance is subject to the association governing documents.

Property

Property policies for condominium and homeowners associations can cover the habitational structures and common area property or only the common area property. This is based on the needs of each association.

In addition, this type of policy could cover you against liability claims. If you are found liable for a visitor’s injury, condo insurance could cover associated medical expenses and/or legal fees.

General Liability

The General Liability policy will protect the condominium or homeowners association from property damage or personal injury claims where the association has been alleged to have been negligent.

Crime & Fidelity

Because employees of the association or Management Company and the board members have access to the association’s funds, employee dishonesty will protect the association for embezzlement.

Forgery & Alteration, Computer Fraud and Wire Transfer Fraud are also important coverages to protect the associations funds from acts committed by persons other than an employee of the association or management company or a board member, Florida Statutes also require residential condominiums and homeowners associations to obtain and maintain a fidelity bond of insurance to protect the funds of the association.

Directors & Officers (D&O)

One of the association’s most important coverages is the Directors & Officers Liability or D&O. The D&O policy will provide coverage for past, present or future board members as well as the property manager and volunteers from lawsuits arising out of the decisions made and management of the association.

Other Coverages for Condominium and Homeowners Associations

• Equipment Breakdown
• Cyber Liability
• Environmental Impairment Liability
• Workers Compensation
• Umbrella

Condominium Insurance

If you're the owner of a condominium unit, we cover you as well. Head to our Condominium Insurance page for more information.

Get Started Today!

Park & Associates will evaluate your association and make recommendations for appropriate policies based on the number of units and amenities. Contact us today to get started with a free quote.