If you represent a community association or an organization that functions like one, you might not realize how vital association liability coverage can be. HoAs and property management associations do a lot of hard work to make American neighborhoods beautiful and welcoming places. Most of that work is unpaid, because these associations tend to spend their budgets in ways that make residents’ lives better in direct and measurable ways. That’s why it is absolutely vital that they have insurance built to protect them.
If you are wondering what specific risks come with property management associations, you just need to look to the facilities your neighborhood maintains collectively. Like security, grounds keeping, street maintenance and paving, and regular exterior building maintenance, these insurance costs are part of doing business as a community association, because the policies protect these communal facilities and the volunteers who are tasked with maintaining them.
The best way to approach association liability coverage is with the help of a knowledgeable pro. That’s why you should get in touch with industry leaders who know the protection that you will need inside and out. By talking to them about how your HoA works and what facilities you manage for residents, you provide them with the information they will need to provide you with expansive coverage for yourself and your volunteers.