Community Association Insurance to Protect Property, Assets, and Members

Community association insurance coverage addresses the specific risks encountered by HOAs, condo associations, and other community organizations. Whether you manage a small residential community or a large-scale development, HOA insurance policies from RIG can be customized to protect your property and provide liability coverage for your association.

Insurance for Homeowners’ Associations

Insurance for homeowners’ and other community associations includes solutions for property insurance to safeguard your buildings, common areas, and amenities against risks such as fire, theft, vandalism, and natural disasters. Liability coverage protects your association from third-party claims of bodily injury or property damage occurring on your premises.

Other insurance options for associations include:

D&O Insurance for Homeowners’ Associations

The board of directors plays a critical role in the governance and management of community associations, but members also face unique risks and liabilities. That’s why D&O insurance (directors and omissions) is key to protecting your board members from claims of mismanagement, negligence, or breach of fiduciary duty.

D&O insurance policies provide coverage for legal expenses, damages, and settlements arising from lawsuits or regulatory investigations against your board members. With comprehensive coverage, you can attract and retain qualified individuals to serve on your board with confidence.

HOA Umbrella Insurance

In addition to primary insurance coverage, umbrella insurance policies provide an extra layer of protection for your community association. Umbrella policies offer higher limits of coverage beyond the limits of primary insurance policies, helping to protect your association’s assets and finances in the event of a catastrophic loss or lawsuit.

Special Assessment Insurance

Special assessments can present significant financial risks for community associations, especially when unexpected expenses arise. Special assessment insurance helps to mitigate the financial impact of unplanned repairs, maintenance, or legal expenses.

Policies from RIG provide coverage for the costs associated with special assessments, including repair or replacement of common property, legal fees, and administrative expenses. With coverage in place, you can protect your association’s financial stability and provide peace of mind to your members.

Loss of Income Insurance for HOAs 

Community associations rely on member dues and assessments to fund operations and maintain common areas and amenities. In the event of a covered loss that disrupts your association’s ability to collect revenue, loss of income insurance can provide financial protection.

Loss of income insurance policies offer coverage for lost revenue and additional expenses incurred as a result of a covered loss, such as temporary relocation or relocation costs for displaced residents. With coverage in place, you can ensure that your association remains financially solvent and you can continue to provide essential services to your members.

Talk to a RIG Risk Advisor Today