Homeowners & Condo Associations Insurance

Homeowners & Condo Associations Insurance

Protecting communities, boards, and shared property

Homeowners associations and condominium associations face unique risks involving shared property, board decisions, resident interactions, and vendor activity. HOAs and condo associations are responsible for maintaining common areas, enforcing rules, managing finances, and protecting the interests of residents. Claims can arise from property damage, liability incidents, or governance decisions, even when the association is properly managed.

Properly structured insurance is essential to protect the association, the board, and the financial stability of the community.

Key Risks in HOA & Condo Association Operations

Associations face exposure related to:

• Injuries in common areas

• Property damage to shared buildings

• Board and management decisions

• Disputes with residents or unit owners

• Vendor and contractor activity

• Employment-related claims (when staff is present)

• Storm, fire, or catastrophic losses

Losses can occur even in well-maintained communities.

Core Coverages for Homeowners & Condo Associations

Association insurance programs typically include:

General Liability
Protects against bodily injury and property damage claims occurring in common areas.

Commercial Property / Association Property
Covers shared buildings, structures, and common elements owned by the association.

Directors & Officers (D&O)
Protects board members and officers from claims involving decisions, budgeting, or governance.

Umbrella / Excess Liability
Provides additional limits for severe or multi-claim scenarios.

Workers Compensation (when applicable)
Provides coverage if the association has employees such as maintenance or office staff.

Crime / Fidelity Coverage
Protects against theft, fraud, or misuse of association funds.

Commercial Flood / Catastrophe Coverage (when needed)
Protects properties located in flood-prone or high-risk areas.

What’s Commonly Overlooked

Association insurance programs are often weakened by:

• Incorrect property valuations

• Missing ordinance or law coverage

• Inadequate D&O limits

• No crime or fidelity coverage

• Gaps between association and unit owner policies

• Failure to meet lender or governing document requirements

These problems are often discovered only after a claim occurs.

Real-World Claim Examples

• A resident slips in a common area

• Storm damage affects multiple units

• A board is sued over a financial decision

• Association funds are misused or stolen

• A contractor causes damage during repairs

Even one claim can impact association reserves or require special assessments.

Why Proper Placement Matters

Association coverage varies significantly based on:

• Type of community

• Number of units

• Governing documents

• State laws and liability standards

• Lender requirements

• Property values and construction type

Improper placement can lead to uncovered losses or disputes with residents, lenders, or board members.

Our Approach

At Cory Washington & Co., we structure HOA and condo association insurance programs based on how the community is governed, what property is owned, and what responsibilities the association carries. We coordinate property, liability, D&O, and crime coverage to ensure protection aligns with bylaws, lender requirements, and real-world exposure.

Strong communities require strong protection.