Crucial Homeowners Insurance Coverages

Insuring a homeowners association involves several elements. When you choose HOA insurance, you

have to prepare for every possibility. It’s not always fun to think about potential losses but this is going to protect your association. When it comes to coverage for your community, those who specialize in wholesale HOA insurance can help you through the process. They can also help you decide which solutions work best for your community.

Here are a couple of coverages you should always consider.

Contingent Liability

Contingent liability offers coverage for undamaged property. For instance, if there is a house fire, property insurance will replace the half of the building that underwent damage. Unfortunately, in many areas, if half of a building is destroyed, you have to demolish and rebuild the entire thing per law. In this case, contingent liability would pay for the undamaged portion.

Sewer Backup Coverage

If your homes connected to the sewers, this is important coverage to have. Someone may flush the wrong items down the toilet and result in backups and property damage. Likewise, laundry soap can build up in common area lines and cause damage.

In the event of an emergency or home’s damage, you want to have full coverage for your community association. There are many different specialty coverages to apply for. You can learn more from a wholesale HOA insurance agent.

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