Clearly a homeowners policy will provide care for your belongings along with your home, but what about everything else in your neighborhood? Additionally, how comprehensive should a home owners association insurance policy be? It simply protects common area items in the neighborhood such as the neighborhood entrance sign, right? In actuality, a neighborhood homeowners policy can provide coverage for any and/or all of the following
- Buildings as well as Contents the neighborhood may be responsible for (such as a clubhouse, pool house or even gym)
- Lakes and Golf Course exposures
- Outdoor Structures and Items including playground equipment, fences, retaining walls, pools, and even trees and shrubs
Below we list 5 Main Reasons a Neighborhood can benefit in having an extensive Home Owners Association Insurance Policy
1. Crime/Employee Dishonesty coverage can be offered and even provide coverage to property manager and/management company
2. Coverage is available pools, lakes, playgrounds and even neighborhood trails
3. Volunteer workers and association members can be covered while performing duties for the association
4. Protection for Neighborhood events such as Picnics, pool parties, Easter Egg Hunts, etc are available
5. A specific D&O (also known as Directors and Officers) endorsement can be added to most home owners insurance policies to provide liability protection for the board members representing the association
Above facts and points were provided via Philadelphia Insurance represented and used by Snotherly Insurance. Snotherly Insurance Agents insure a vast number of condominium associations, as well as homeowners associations in the Raleigh, Wake County area as well as throughout the state of North Carolina. For more information regarding HOA Insurance policies, please feel free to send our office an email at firstname.lastname@example.org.
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