Insurance is an integral part of our lives. You need insurance for everything from your car, boat, or motorcycle, to your life itself. As a homeowner, you can have no greater protection than a homeowners insurance policy. Harris Insurance is excited to announce new and improved options for Florida Homeowners Associations with our HOA Master Insurance Policy Package options.
Florida HOA Insurance
Are you a member of a Homeowners Association (HOA) looking for insurance coverage in Florida? Harris Insurance has been insuring Floridians since 1965. We cover all types of insurance for individuals, businesses, and associations. Because we are an independent insurance agency, we work with scores of insurance companies to find you the best rates possible.
In Florida, there are many HOAs, also known as homeowners associations. These HOAs must have insurance just like individual homeowners. An HOA needs insurance because of the risks involved with property maintenance and liability concerns in any neighborhood with a homeowners association. This type of insurance is different from regular homeowners insurance. It is vital that every HOA is covered with the right policy that will meet the Association’s unique and induvial needs. Our HOA insurance will see to it that your Association is fully protected.
Types of Florida HOA Insurance to Consider
Property & General Liability Insurance
Homeowners Associations may need property insurance for any commonly-owned property. One type of insurance that every homeowners association needs is general liability insurance. This coverage can protect against accidents such as injuries to the public. Even if your HOA doesn’t have commonly owned buildings, general liability is still highly recommended for all homeowners association groups.
Social Host Liability Coverage
Many homeowners associations have clubhouses and common areas where social gatherings take place daily. These HOA’s can rent out their spaces for special events and weddings. If alcohol is served on association grounds during any such event, the HOA needs this liability protection.
D & O Coverage
Another type of coverage essential for an HOA is liability insurance that specifically covers Directors and Officers of homeowners associations. This policy is important because it protects volunteer officers for their actions or inactions pertaining to managing and serving The Association.
Workers' Compensation and Employee Dishonesty Bonds
HOA insurance coverage also covers an HOA that has employees. If a lawsuit is brought from an employee injured on the job, the HOA is covered through this insurance. For contractors or freelancers, this type of insurance is also recommended. Employee dishonesty bonds protect The Association from theft and damage of association property by dishonest employees.
Typically Associations communicate and manage correspondences through email or websites and protection of individual’s personal information is vital in today’s world. This liability coverage can help protect communications as well as breaches and payment records.
It’s all too common for disagreements and misunderstandings to end up in court. Legal costs add up quickly and it’s imperative that Association’s include Legal Defense in their insurance portfolio to protect Board Members as well as The Association’s bottom line.
Pollution Liability / Pool & Spa
It’s so fun to take advantage of amenities like neighborhood pools but what happens when the chemicals aren’t quite right and someone gets sick? The blame could come back on The Association for any health problems or accidents or injuries around risks like pools and spas.
Discrimination Claims Coverage / Employment Practices Liability Insurance
HOA insurance coverage can also include discrimination claims coverage. This type of coverage is necessary for HOA’s who are in the position to foreclose on residents who fail to keep up with their mortgages. People in danger of losing their home will often resort to any measure they can take, including filing a discrimination suit against their HOA. As HOA foreclosure rates are soaring, discrimination claims coverage is becoming increasingly important.
Umbrella Liability insurance provides excess liability coverage over several of the insured's primary liability policies. Most umbrella liability policies provide coverage that is broader than the insured's primary policies. An excess liability policy may be what is called a following form policy, which means it is subject to the same terms as the underlying policies; it may be a self-contained policy, which means it is subject to its own terms only; or it may be a combination of these two types of excess policies. Umbrella policies have three functions: (1) To provide additional limits above the each occurrence limit of the insured's primary policies; (2) To take the place of primary insurance when primary aggregate limits are reduced or exhausted; and (3) To provide broader coverage for some claims that would not be covered by the insured's primary insurance policies, which would be subject to the policy retention.
Below are the various plans that every Florida HOA should consider when shopping for insurance packages:
A Condominium Association Policy
(CAP) or Master Policy provides coverage for the buildings and common areas including hallways, elevators, sidewalks, roof, pools and recreational areas including Association-owned equipment and equipment that services the buildings. The joint ownership aspect of a condominium is what requires protection under a CAP.
protects the Association for actions brought against them for bodily injury or property damage as a result of negligence or alleged negligence. It can also cover the Association in the event of an injury or accident which occurs on or adjacent to the property.
Directors & Officers Liability
provides protection for the directors and officers of the Association for their roles and decisions made if they are sued in conjunction with their action or inaction while operating in the capacity of an officer of the Association.
Crime & Fidelity
provides coverage for theft or loss of Association funds due to financial misconduct.
similar to the CAP policy and protects the Association from damage to Association buildings and property caused by Flood.
provides additional layers of liability and defense cost protection for the Association allowing higher limits at a very reasonable cost.
Protects the Association from the cost associated with the injury of an employees while working for or on behalf of the Association including subcontractors or other persons working for the Association or conducting Association business who are injured and without coverage.
Protects the Association against suit brought against it for failure to take appropriate action or make proper decisions to protect the private information of the Association or its members or associates.
Boiler & Machinery
This covers Association equipment that services the building and it’s features such as elevators.
Other Coverage Options include:
Trust Harris Insurance for you Homeowners Association Insurance Coverage
Homeowners’ association coverages differ greatly from those provided by a standard homeowners insurance policy. Keep in mind that the purpose of HOA insurance is to protect commonly owned property, The Association as a business, and the people responsible for putting all decisions in place for The Association.
At Harris Insurance, we are a licensed insurance agency and have been in business since 1965. We work with the area's largest selection of A-Rated national companies. We strive to provide you with your best quote, whether for homeowners, homeowners associations, auto, business, life, umbrella, and so much more. Our experienced agents will work with you to find the best, most cost-effective coverage for you and your HOA.
Find out today about a HOA insurance quote. Homeowners Associations should contact us today to learn more about necessary HOA insurance coverage. When it comes to HOA insurance, Harris Insurance has you covered.