Article provided by: Moran Financial Solutions
A storm, flood, or any other disaster can cause severe damage to your property. Due to the expensive repair cost, picking up the pieces after such a catastrophe can be difficult. Fortunately, an HOA insurance policy can provide adequate coverage for members of the association in the event of such a disaster.
At Moran Insurance & Financial Solutions, we provide HOA Insurance solutions to homeowner’s associations all over Florida. Our Florida HOA Insurance policy offers the best coverage for the homeowner’s association against risks that involve property maintenance and liability.
What Is HOA Insurance?
HOA insurance is also known as Homeowners Association Insurance. Just like individual homeowners, homeowners association must have insurance that will cover them too. HOA insurance can be referred to as the insurance that covers the association for risks involved with property maintenance and liability concerns in neighborhoods.
With Homeowners Association Insurance, individual homeowners only need to insure their units or mostly the things inside their home while HOA insurance takes care of the outside structures.
Also, HOA usually has places such as the community clubhouse’s, condos, and other property. HOA insurance makes sure all these things, and other common areas are covered.
What Does An HOA Insurance Policy Cover?
Business Liability: Helps protect against legal liability caused by bodily injury, property damage, or personal injury during business operation. The insurance can also settle the legal costs.
Directors and Officers Coverage: This insurance protects the members of the association board against claims alleging wrongful acts in carrying out their duties.
Building Coverage: HOA insurance usually covers the building and anything attached to it. Especially the building fixtures, cabinets, fencing, garage, pools, clubhouse, and other things owned by the residential community association.
Why Do I Need HOA Insurance?
Below are some reasons why you may need the HOA insurance:
Peace of Mind: With homeowners association insurance, you get to have a peace of mind and not restless about your property. The HOA insurance gives your home and the community a veritable safety net. It is there to make sure you are covered if something ever happens to your home or the common areas in your community.
Protects Your Home From Loss: HOA insurance covers your home – most notably the outside structures and the common area in the community from a loss such as fire, wind damage, hurricanes, and thunderstorms. The coverage on your HOA insurance policy steps in to help pay for repairs and replacements so you won’t be responsible for the bill.
It Covers Injuries In The Common Areas: Often, people might get injured in the common areas if you are one of the injured. You should be assured that HOA insurance will cover the medical expenses on this injury.
Contact Us Today!
For more information about our Florida HOA insurance, contact us today at Moran Insurance & Financial Solutions. Our trusted team will be available to speak with you and discuss the options available to you. We will provide suitable answers to your inquiries and concerns. We guarantee you quality and excellent services.
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