Homeowners Association (HOA) insurance in Florida is crucial for protecting both the association’s assets and the property it manages. General liability insurance is a key component of this coverage, protecting the HOA from claims of bodily injury or property damage that occur in common areas like pools, parks, or community centers. In Florida, where outdoor activities are common, this type of coverage helps cover legal fees, medical expenses, and settlements if accidents happen.
Property insurance is equally important for an HOA in Florida. It covers physical structures the association owns, such as community buildings, fences, and shared amenities. Given Florida’s susceptibility to hurricanes and other severe weather events, property insurance ensures that the HOA can repair or replace damaged property caused by storms, floods, or other disasters. This coverage is critical for preventing financial strain after natural disasters.
Florida HOA boards also often opt for directors and officers (D&O) insurance. This coverage protects HOA board members from personal liability in case of lawsuits for alleged mismanagement or breach of fiduciary duty. In Florida, where legal disputes can be costly, D&O insurance covers legal defense costs and damages. This type of coverage is essential for attracting and retaining qualified board members, providing them with the confidence that they will not face personal financial risk due to their decisions.
If you’re on the board of a homeowners association (HOA) in Florida—or just live in one—you’ve probably asked yourself this question: “What insurance are we actually supposed to have?” It’s a fair question. Insurance laws and policies for HOAs are…
Florida is one of the fastest-growing states in the U.S. From new coastal developments in Naples to sprawling master-planned communities outside Orlando and Tampa, neighborhoods governed by homeowners associations (HOAs) are popping up everywhere. HOAs bring structure, maintain aesthetic standards,…
