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Tag Archives: coverage

Tips for Community Association Insurance

Do you know whether you are fully insured? Do you even know how to figure this out? Every homeowners and condominium association needs to protect itself from various losses, claims, and liability exposure through a comprehensive insurance program.  Here are some tips to ensure you have appropriate and adequate insurance:

 

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Penny Wise and Pound Foolish

During this tough economy, associations are looking for ways to trim expenses; but opting out of insurance coverage is not a prudent choice.  In my opinion, even the smallest homeowners’ association needs insurance coverage.  If an HOA owns any property, then there is a risk that a resident, visitor or guest could be injured or hurt on that property.  Insurance claims are rare, but it is too risky to consider going without coverage.

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HOA Insurance Coverage: What’s the Right Amount? Discussion Forum Follow-Up

A reader asks, “Our HOA has 22 units with no swimming pool, tennis courts, playground, club house, etc. We now have $1 million per occurrence and $2 million aggregate on our general liability insurance policy and a $5 million umbrella policy. What do most HOAs our size and situation carry on general liability and umbrella? We’re discussing the…

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Water heater damage and Insurance

Water heater damage is a common condo issue
Michael HunterQ: Our HOA’s insurance is not being renewed due to our loss experience, which is mainly due to water heater failures and the resulting damage to one or more units.

Can we amend our governing documents to require that the homeowner’s personal insurance will be the primary insurance and the condo association’s insurance will be secondary? Could we amend our Declaration to provide that damage to units due to leaking water heaters more than eight years of age, for example, will be the responsibility of the unit owner?

Damage due to aging water heaters is a very common and serious problem for condominiums, since the leaking appliance often will flood not only the owner’s unit, but also those adjacent to or beneath his unit. The water can also cause significant damage to common elements.

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