What type of insurance should an HOA consider purchasing?

An HOA in Washington should consider purchasing several types of insurance to protect themselves and their members. The most important type of insurance to purchase is liability insurance. This type of insurance will help cover any legal costs resulting from a lawsuit due to a member or resident of the association being injured on the property. Property insurance should also be purchased to help cover any costs associated with damage to the property or common areas. This includes things such as damage resulting from natural disasters, vandalism, or theft. Another type of insurance to consider is director and officer insurance. This type of insurance helps cover any legal costs associated with a lawsuit from a member or resident of the association due to negligent behavior by the HOA board or staff. This type of policy should also include E&O (Errors & Omissions) coverage to help protect against any mistakes that may have been made due to the HOA board or staff. Finally, a HOA should also consider purchasing fidelity insurance. This type of insurance helps to protect against dishonest acts by employees or volunteers of the HOA, such as the misappropriation of funds, theft, or fraudulent activities. By having all of these types of insurance in place, an HOA can help protect themselves and their members from potential legal issues and financial losses.

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What type of insurance should an HOA consider purchasing?

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