Business Insurance for Homeowners Associations
If you’re on the board of a homeowners association (HOA), you know the challenges of maintaining your community’s high standards — especially when the unexpected happens.
Be sure to ask a Skyscraper Insurance about insurance options for your condominium, townhouse or planned community — and choose the coverage your HOA wants.
Here are just a few ways you can personalize a Skyscraper policy to help manage typical risks:
Risk:
Neighborhood teenagers launch a bottle rocket that lands on your community clubhouse’s roof, setting it ablaze.
Coverage:
Business property insurance ccan help pay for damages to association buildings and common property caused by fires and other unforeseen disasters.
Risk:
The fire department extinguishes a blaze before major damage is done, but floods the patios of several units in the process and damages exterior fixtures.
Coverage:
Condominium property coverage can help when exterior fixtures are damaged.
Risk:
A resident’s visiting grandfather is injured when he trips over broken pavement while crossing your complex’s common area.
Coverage:
Business liability insurance can help offset the costs of lawsuits and other claims brought against your association due to injuries sustained on your premises.
Risk:
The former treasurer of the board misappropriates a large lump sum right before selling his condo.
Coverage:
Business crime insurance can help cover losses stemming from robbery or a board member’s dishonesty.
Skyscraper offers some of the most comprehensive HOA coverage choices
Here are some HOA policy highlights:
- Building ordinance coverage can help when new or updated regulations increase the cost of repairing or replacing an older building.
- Skyscraper writes policies for HOAs based on location rather than individual structures. This means multiple buildings can share a single coverage limit — and just one line on insurance forms.
With Skyscraper, you can also customize your policy:
- Directors and officers liability insurance can help cover costs if lawsuits or dispute claims are filed against an HOA’s board members.
- A guaranteed replacement cost option might help restore a building to its original condition if costs exceed your policy limit.