HOMEOWNERS & CONDO ASSOCIATION

Homeowners & Condo Association Insurance

Protecting communities, boards, and shared assets

Homeowners and condominium associations are responsible for managing common property, enforcing governing documents, and making decisions on behalf of residents. These responsibilities create significant liability exposure for both the association and its board members.

A properly structured insurance program helps protect community assets, leadership, and long-term stability.

Key Risks in Association Operations

HOAs and COAs face exposure related to:

• Premises liability in common areas

• Property damage to shared buildings and infrastructure

• Board governance and decision-making disputes

• Vendor and contractor activity

• Employment practices (when staff is employed)

• Regulatory and fiduciary responsibilities

Claims often arise from routine community operations or board actions.

Core Coverages for HOAs & COAs

Association insurance programs typically include:

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

Commercial Property
Covers shared buildings, structures, and association-owned property against covered losses.

Directors & Officers (D&O)
Protects board members and officers from claims related to governance, enforcement, and financial decisions.

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

Employment Practices Liability (when applicable)
Covers employment-related claims if the association employs staff.

What’s Commonly Overlooked

Association insurance programs are often weakened by:

• Inadequate property valuation or outdated appraisals

• Misunderstanding unit-owner vs. association responsibilities

• Insufficient D&O limits for board exposure

• Gaps between master policy and unit-owner coverage

• Failure to meet lender or statutory requirements

These issues often surface during claims or audits.

Real-World Claim Examples

• A resident or guest is injured in a common area

• Fire or water damage affects multiple units

• A board decision leads to legal action by homeowners

• A contractor causes damage during maintenance work

Association claims can impact reserves and special assessments.

Why Proper Placement Matters

HOA and COA coverage varies significantly based on:

• Type of community and construction

• Governing documents and bylaws

• State statutes and lender requirements

• Number of units and shared amenities

Improper placement can expose boards to personal liability.

Our Approach

At Cory Washington & Co., we structure association insurance programs to protect both the community and its leadership. We review governing documents, vendor contracts, and property exposure to ensure coverage aligns with real responsibilities — not assumptions.

Strong communities start with protected leadership.