Running a homeowners association (HOA) comes with a host of responsibilities, everything from maintenance of common areas to protecting the community from liability. The choice of an HOA insurance policy is one of the biggest decisions to be made by an HOA board and property manager.
But how can you be sure you’re getting solid HOA insurance that also meets your budget, given all the possibilities and price points out there?
Here is what to look for when comparing policies so your community can keep itself protected without overpaying.
1. Coverage That Matches Your HOA’s Needs
Not all HOAs are the same. A small condo community has very different risks than a large gated neighborhood with amenities like pools, clubhouses, or tennis courts. Start by evaluating the coverage types offered, such as
- Property coverage for shared structures and amenities
- General liability insurance for injuries or damage occurring in common areas
- Directors and Officers (D&O) liability to protect board members from legal action
- Workers’ compensation, if the HOA employs staff
- Flood, earthquake, or umbrella coverage, based on geographic risks
Ensure that the homeowners association insurance policy covers all potential liabilities your community may face.
2. Explicit Exclusions and Deductibles
Just because your homeowners association insurance is affordable doesn’t mean it comes with hidden fees. When you’re comparing policies, pay particular attention to:
- What isn’t covered by my policy
- Deductible amounts for different types of claims
- What would you pay out of pocket in a worst-case scenario
Sometimes, a low premium price comes with a high deductible and leads your HOA to pay more in the long run.
3. Financial Stability of the Insurer
Price matters—but so does reliability. Choose a provider that’s financially stable and has a strong reputation for claim payouts. You want peace of mind that your HOA insurance will actually come through if a major event happens.
4. Experience with HOA and Community Policies
General commercial insurance providers might not understand the unique needs of an HOA. Look for insurers, like e360 Insurance Services, that specialize in homeowners association insurance. They’re more likely to offer tailored options, help you meet legal requirements, and guide you through compliance and renewal processes.
5. Flexible Policy Options and Custom Bundles
Affordability also comes from choosing the right bundle of services, not just the cheapest premium. Can you bundle your liability, property, and D&O coverage to save money? Are there optional add-ons that give you value without inflating the base cost?
6. Responsive Customer Support and Claims Process
When a claim needs to be filed, time is of the essence. A responsive insurance partner makes all the difference. Ask questions like
- Is there 24/7 claims support?
- Will you have a dedicated agent or account manager?
- How quickly are claims typically processed?
Final Thoughts
Affordable HOA insurance doesn’t mean cutting corners. It means being informed, comparing smartly, and choosing a provider that balances cost with complete protection. At e360 Insurance Services, we help HOAs of all sizes find the right fit—tailored, compliant, and within budget.
Ready to Review Your HOA’s Coverage?
Let e360 Insurance Services show you how to save more without sacrificing protection.
Contact us today for a no-obligation quote on homeowners association insurance that truly fits your community.