Community Association, Condo, Co-ops & HOA Insurance 

Protecting your property and its exclusive benefits

Individuals and families choose to live in a community association for the high quality of life they can enjoy — including property services, maintenance, social activities, luxury amenities, and more. Community associations including Homeowners Associations (HOAs), Cooperatives (Co-ops), Condos, and Planned Communities strive to provide those benefits while maintaining a safe and welcoming environment for residents, property owners, developers, and board members.

The insurance industry for community associations has been defined by an unprecedented number of natural catastrophes along with political and social unrest. This dynamic environment impacts how insurance companies view and underwrite these risks and how clients evolve to manage these risks.

With a real estate insurance specialist on your team, you can mitigate your risks and reduce your exposures. In the event of a claim, we have a dedicated real estate claims team to advocate on your behalf and help manage the claim process.

A Real Estate Insurance Specialist’s Approach to Risk

At Risk Strategies, our real estate insurance specialists are well versed in the intricacies and unique challenges faced by community associations — including the Board of Directors being held personally liable for decisions and actions made on behalf of the association. We understand and can help you navigate state-specific regulations that are constantly evolving and can help protect those in all segments of community associations including:

• Homeowners Associations (HOAs)
• Cooperatives (Co-ops) and Condominiums
• Planned Communities (PUD – Planned Under Development)

With team members spread out from coast to coast, we collaborate to protect you from exposures that impact your part of the country such as hurricanes, wildfires, extreme weather, flooding, and tornadoes.

Key coverages

As a national specialty broker, Risk Strategies enjoys a strong relationship with many key carrier partners. Relationships with senior-level management allow us to move quickly in developing creative solutions for clients that include key coverages such as:

• Property Insurance
• General Liability
• Extended Replacement Cost
• Loss of Income
• Crime Insurance
• Cyber Liability
• Environmental / Pollution Liability
• Errors & Omissions (E&O)
• Directors & Officers Liability (D&O)
• Workers Compensation
• And more

We understand risk and how to manage it. As your risk management partner, we serve as an extension of your team and protect you like you are family.

FAQs

How does the board establish an adequate amount of insurance for a building?

Since it is the Board’s fiduciary obligation to protect the financial position of the building, establishing an adequate amount of insurance is a significant concern. If the Board is not sure if the policy limit is sufficient to protect the Association in the event of a major covered catastrophic loss or a total loss of the property, the Board should elect to engage the services of a reputable, independent, and certified insurance appraiser to secure a professional building replacement cost appraisal. The appraiser’s opinion should be backed by their Professional Liability (Errors & Omissions) policy. You can obtain an appraiser referral from Risk Strategies or your Property Manager.

What is the association and shareholder’s responsibility in the event of a loss?

The governing document in the determination of responsibility for a covered loss is the proprietary lease. The provisions in this document can vary and often have not been updated in a significant number of years. In general, the shareholder is responsible for personal property additions, improvements, and installations made by them and all prior shareholders, and the association is responsible for the original installation. Risk Strategies will review the lease with the Property Manager and Board and will assist in making informed decisions regarding the insurance program.

Why do I need Directors & Officers liability insurance?

The Board of a Co-op often faces significant challenges including breach of contract, breach of fiduciary duty, employment and nonemployment discrimination, and other wrongful acts. Therefore, the Directors & Officers Liability policy must adequately protect the directors, officers, employees, committee members, Association, and Property Manager against these types of exposures. Risk Strategies will help you maneuver and select the coverage form that is best for you.