If you are involved in running a home owner’s association, it is important to have HOA general liability insurance. Here is a closer look at how this can protect you and your association, and why you should have it on hand.
Handling Discrimination and D&O Coverage
One benefit of having HOA insurance that covers liability is it can protect in cases of discrimination, such as a resident not making a payment on their mortgage or anyone who runs the possibility of getting evicted, according to Kevin Davis Insurance. Directors and officers also run a risk of being sued by residents, shareholders, and other individuals, so having HOA liability can come in handy for these types of situations.
Managing General Liability Issues
General liability issues can occur when there is an accident or a similar type of problem where someone gets hurt in a common area. Having hoa general liability insurance can prevent further problems from happening in the event someone decides to sue the homeowner’s association.
Getting your HOA insured is important for a variety of reasons. It can protect against discrimination cases and provide coverage for directors and officers. Having general liability means you can avoid getting into serious problems related to accidents that happened in a common area, and safeguard your company’s reputation.