Belong to a Homeowners’ Association? Know Your Insurance Obligations

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If you reside in a community that’s part of a homeowners’ association (HOA), you should understand what the association’s insurance obligations are relative to your own. If you don’t carefully assess this dynamic, you could find yourself with a coverage gap if you assume that the association’s insurance covers something it actually doesn’t. HOA rules usually require that all residents within the association’s jurisdiction become members and pay a fee. Associations can create their own bylaws for the community or building, and sometimes hire an outside property management company in order to enforce maintenance and other standards. The association’s obligations…
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