Just as a homeowner protects their home with insurance, it’s necessary for a community association to find the right coverage. There are many HOA insurance programs that provide coverage for a variety of situations.
1. Protecting Against Crime
Crime is inevitable regardless of the city or neighborhood the association is in. Crime can range from individuals breaking in and stealing items to fraud and forgery involved in moving, sending wire transfers, and even problems related to employees. Having insurance that covers these issues makes it easier to stay on top of all the other pressing issues that come from running an association.
2. Coverage for Community Directors and Officers
Community directors and officers involved with the association can face problems that range from claims to lawsuits. Members of the association can file these against directors and officers if they believe there is a violation of their rights. Thankfully, HOA insurance programs have special coverage known as D&O (directors and officers).
3.Protection Against Cyber Risks
Banks aren’t the only institutions affected by cyber attacks. If there is a network breach of security, it’s important to stay covered with insurance that can handle everything from credit monitoring to claim defense.
HOA insurance programs are more than just an extra add-on. They protect an association from any possible unforeseen tragedy and allow them to focus on business as usual.