What is the role of an HOA insurance policy?

An HOA insurance policy plays a vital role in Washington state for an organization that runs a homeowners association. It provides a layer of financial protection for the HOA and its members in the event of a covered loss, such as property damage from a natural disaster. It can also provide liability coverage if a member is accused of causing harm to someone on property owned by the HOA. The policy can cover buildings and improvements owned by the HOA, such as community buildings and playgrounds. It can also provide coverage for common areas and fixtures, like sidewalks, park benches, and streetlights. The limits of the coverage vary depending on the size and type of the HOA. The policy can also provide loss assessment coverage, which pays for the cost of repairs and damages not covered by the HOA’s policy. This can include damage caused by a natural disaster that’s not covered by the HOA’s policy, or any other form of damage that a member would be held financially responsible for. HOA insurance policies are important for providing protection and financial security to the HOA, its members, and its property. It can provide peace of mind that any unexpected costs related to damages or injuries arising from HOA owned property can be covered.

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What is the role of an HOA insurance policy?

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