Building Coverage for Homeowners' Associations

Whether the issue is big or small, having building coverage for your HOA is an integral part to keeping your community protected.

What Situations Call for Building Coverage?

Here are a few examples of instances where having property insurance for your homeowners’ association would come in handy:

  • Your building catches on fire, and the structure and is destroyed.
  • Water from a burst pipe damages multiple units.
  • Your neighborhood gate is damaged by a vehicle running into it.

HOA’s require coverage that is unique to Florida. Due to the intimate relationship between the condominium association and its Unit Owners, knowing where the association coverage begins and ends is important.

What’s Covered?

Florida State Statute 720 defines what is required to be covered by homeowners’ associations. Here is a short list of items associations are required to have insurance on:

  • The Physical Building to include coverage to the drywall.
  • Plumbing lines behind a units drywall
  • Electrical lines behind the drywall
  • Any Common property (Clubhouse, Hallways, Pools, etc.)
  • Fencing, Carports, Mail Kiosk
  • Association Personal Property

What You Need to Know

Working with an Independent Agent that focuses exclusively on Florida HOA Insurance is very important. Florida is unique to other states with regards to coverage requirements.

The Basics

Homeowners’ Association property insurance varies from policy to policy. Basic coverage typically includes damage caused by fire, lightning, wind, hail, and vandalism. You can also add further coverage to protect against water damage and broken glass.

Determining The Value

Florida Statutes 720 requires all homeowners’ associations to have “adequate” hazard insurance. To comply with the statute, Condominium associations are required to have an insurance appraisal of the property at least once every 36 months (3 years). Although this same timeframe is not required for HOAs, we do recommend following the same appraisal schedule.

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Homeowners’ association insurance policies for your community in Cape Coral, Fort Myers, Naples, Port Charlotte, Punta Gorda, and Bonita Springs, Florida.

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