HOAleader.com provides practical advice on homeowner and condominium association management, laws, rules, insurance, finances, reserves, dues, liens, assessments, dispute resolution, and more.HOAleader.com provides practical advice on homeowner and condominium association management, laws, rules, insurance, finances, reserves, dues, liens, assessments, dispute resolution, and more.
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Home | HOA Insurance

HOA & Condo Insurance

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Understanding HOA Insurance: What's Subrogation?
March 2013
An HOAleader.com reader asks, "I was about to sign a contract with a new security vendor when I discovered in the fine print that we would be waiving subrogation against the security vendor in the event of an insured loss. The association would be required to obtain an insurance certificate naming the security vendor as an additional insured party on our policy. . . . keep reading
HOA Insiders Reveal Eight Things They Learned in 2012
January 2013
Goodbye, 2012! But before we bid farewell, let's gather the lessons of the year. Here HOA insiders explain eight things they learned--and that you may also benefit from--in the year gone by. . . . keep reading
What You Need to Know About the Newest FHA Condo Rules
November 2012
On September 13, 2012, the Federal Housing Administration published revised condo certification rules. They may allow your association to become certified--and thus provide your owners better ability to sell their units--even if it couldn't previously meet the FHA's rules. Here's the dirt. . . . keep reading
Can You Just Change Rules You're Ignoring? Discussion Forum Follow-Up
August 2012
An HOAleader.com reader writes, "I'm part of a nine-member association in Minnesota, and we've been discussing reserves. We have a reserve provision in our bylaws but have historically used special assessments to pay for common area repairs (i.e., we have no reserves). Since our practice differs from our bylaws, we have agreed to change our bylaws to remove the reserve requirement and to restate what's common and what's not--to reflect how we actually behave today. So in the future we'd like to consider things like roofs to be aligned with the specific resident(s) vs the whole HOA. It's complicated in that eight of our nine units are really fancy duplexes, but we've agreed that we want to move expenses as close to home owner as possible and only share things that are truly common, such as our roads. Our complex is 15 years old. Aside from the risk of repair timing, variation, and likely neighborly conflict, are there any restrictions to us taking these actions? Also, what are we missing? I'm sure there are tons of things to think about (I've read the various documents on this website so I understand that our approach goes against convention)." Here our experts discuss the reserve issue and then the broader issue of ignoring your rules and then changing them to reflect your errant ways. . . . keep reading
Time for Your Annual D&O Insurance Policy Checkup
June 15, 2012
This week's tip reminds you that it's wise to review your directors and officers insurance every once in a while to be sure you're not exposing yourself to unnecessary risk. . . . keep reading
Lawsuits Against HOA Board Members: Do You Have the Right Level of D&O Insurance?
June 2012
As condominium and home owner association management becomes more complex--and more and more board members are sued--it's critical to monitor your directors and officers coverage to ensure you're fully protected for your actions as a member of your condominium or homeowners association board of directors. . . . keep reading
New Fannie Mae Condo Insurance Rules Explained
April 2012
On December 28, 2011, Fannie Mae issued new insurance requirements on the condos securing the mortgages it will purchase. Here we give you a feel for the rules and discuss whether it's smart for your HOA to speak to an insurance broker to determine if your master insurance policy meets Fannie Mae's requirements. . . . keep reading
Should You Study How Your Homeowners Association Stacks Up to Nearby HOAs?
January 2012
An owner reports online that her homeowner association commissioned a study to see how it compared to nearby HOAs in terms of amenities, services, costs, and market value. Should your HOA commission such a study? Where do you find a vendor to conduct such a survey? And are the results of such a study open to owners' review, or can you keep them confidential? Here are some answers. . . . keep reading
The Pros and Cons of HOA Self-Insurance
September 2011
Some HOAs are so large and their insurance premiums so hefty that they toy with the idea of self-insurance. Here, we explain what self-insurance is and discuss the risks. . . . keep reading
HOA Insurance Coverage: What's the Right Amount? Discussion Forum Follow-Up
June 2011
A reader asks, "Our HOA has 22 units with no swimming pool, tennis courts, playground, club house, etc. We now have $1 million per occurrence and $2 million aggregate on our general liability insurance policy and a $5 million umbrella policy. What do most HOAs our size and situation carry on general liability and umbrella? We're discussing the possibility of increasing the general liability to $4 million/$2 million and dropping the umbrella or keeping the general liability of $2 million/$1 million and reducing the umbrella." . . . keep reading
Can Your Lender Buy HOA Insurance and Charge Your HOA for It?
May 2011
HOA boards beware: If a lender holds a mortgage on your HOA property or on an owners' property, it can enforce its requirement that your HOA carry adequate insurance coverage for its assets--regardless of whether you want that coverage or can afford it. Here's what you should know about this practice so that you can protect your HOA and avoid spending unnecessary money. . . . keep reading
Four Insurance Policies Your Homeowners Association Must--or Should--Have
April 22, 2011
In this week's tip, we explain four insurance coverages your association must have or should seriously consider. . . . keep reading
HOA Insurance Primer, Part 2: Eight Coverages to Consider
April 2011
Your homeowners association must have insurance, but it doesn't have to waste money on coverage it doesn't need. Here we explain eight coverages your HOA should have, including some that aren't standard but that your association should consider. . . . keep reading
HOA Insurance: What You Need to Know -- Part 1
April 2011
The cost of insurance can hamstring an HOA. That's why it's important to understand HOA insurance basics so you and your board of directors can intelligently evaluate insurance bids. Here, in part one of a two-part series, we explain how to determine what coverages your HOA must have, how to determine the value of the property you must insure, and extra coverages to consider. . . . keep reading
What to Do When Your Vendor Breaches Your HOA Contract
March 2011
When one of your vendors suddenly makes demands not included in your contract, what are your remedies? What if your landscaper, under contract, suddenly demands you pay double? Can you terminate the contract immediately? Are there times when you have to renegotiate? Here, we provide answers. . . . keep reading
HOA Insurance Increases Getting You Down? 2 Tips To Help Cut Costs
October 22, 2010
In this week's tip, we aim to put a smile on your face by giving you two ways to fight back against insurance rate increases: . . . keep reading
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