Homeowners’ Association Coverages You Didn’t Know You Needed
A homeowner’s association’s job is to protect the community. The HOA is responsible for complying with maintaining common areas, complying with state law, budgeting and other responsibilities. It’s no surprise that these associations need protection. For instance, a community association liability program benefits homeowners’ associations significantly. Insurance providers design these coverages to meet the unique needs of the association.
Here are three coverages that you might not realize you needed.
A liability program often includes cyber liability. If you’ve watched the news lately, you have seen the trend of cyber-attack and data breach reports. A cyber risk policy protects against breach or network security loss.
OAs can fall victim to crime too. A homeowner’s association may fall victim to loss due to forgery, fraud or employee dishonesty. There may be breaches that involve electronic funds or other risks to your association. Just like any organization, you have to have coverage against any crime that takes place.
Since an HOA does not have employees, you might not think that you need it. However, if a volunteer or individual working on behalf of the community is injured, you need to have a policy in place to take care of any injury or loss.
A community association liability program is the best way to protect your homeowner’s association against crime and loss.