Here are some standard inquiries when reviewing an condo association insurance or HOA insurance proposal:
Are you covered for:
- Alleged race, age, family status or handicapped/disabled discrimination claims.
- Failure to provide essential services causing damage to a unit.
- Wrongful removal of a resident's personal property from the common elements.
- Towing an owner's vehicle.
- Liability when a dog attacks another resident or guest.
- Damages for a crime committed against another person or their property.
- Mold claims.
- Failure to obtain or maintain proper insurance coverage or timely file a claim.
- Damage to a vehicle parked in the garage from leaking water, or being struck by the garage door or security gate.
- For failure to diligently respond for a request for records or closing documents.
- Wrongful eviction.
- Sexual harassment.
- Actions by local government for code/ordinance enforcement.
- Theft, embezzlement, misappropriation of funds, abuse of discretion.
- Not following proper procedure such as collecting a special assessment or running an election.
- Non-monetary actions such as injunctions.
- Liable, slander, invasion of privacy.
- Failure to provide essential maintenance to the common areas.
- Vandalism or property damage caused by outsiders or trespassers.
- Permitting a sex offender or other felon from residing on the property.
- Injury of a volunteer while performing a service for the association.
- Injury to a self-employed sole proprietor performing services for the association.
Learn more about how HOA Loans can help your association