Helpful to know…insurance coverage for homeowner association insurance is known by many different names. Some examples are: Association Insurance, Homeowners Association Hazard Insurance, Homeowners Association Master Insurance Policy, HOA Insurance, Condo Association Insurance, Condominium Association Insurance, Townhouse Association Insurance, Common Interest Developments Insurance (CIDs), Planned Developments Insurance (PD) and Planned Unit Developments (PUD) Insurance.
What Is Homeowners Association Insurance?
HOA Insurance consists of a cluster of coverages that meet or exceed the Association’s Covenants, Conditions and Restrictions (known as CC&Rs) Insurance requirements. Your Condo Association or Planned Unit Development Insurance policy should also meet or exceed the Davis-Stirling Act Civil Code’s minimum insurance requirements. This coverage can be provided by one policy or through multiple policies tailored to the HOA’s specific requirements. The components that make up HOA insurance coverage are; Building Insurance, also known as Hazard Insurance; General Liability Insurance; Fidelity Bond, also known as Crime Insurance; Directors and Officers Insurance, also known as D&O; Excess Liability, also known as Umbrella Insurance; and Workers Compensation. Optional coverage may include HOA Earthquake Insurance and HOA Flood Insurance.
Are You an HOA or PUD?
One of the primary differences between a Condominium or Townhouse Homeowner Association Master Insurance Policy and that of a Planned Unit Development (PD or PUD) policy is that the condo and townhouse association policies insure the buildings containing the living units while in a Planned Development the individual homeowner typically insures their own home. However, both types of policies should be designed to insure the association’s common areas which may include a clubhouse, business personal property such as common area furniture or exercise equipment, swimming pool, association signage, landscaping, parks, fences, tot-lot climbing structures, walkways and other facilities such as sports courts, jogging trails, golf courses, association-owned streets, irrigation systems, community municipal services and even the associations airport! Request a free no-obligation HOA insurance evaluation. Call 877-600-3199 or email us at firstname.lastname@example.org today!