What’s in Your Wallet? Why HOA Boards Can’t Take Liability Insurance Lightly.

A Homeowner’s Association (HOA) is made up of a group of volunteer homeowners. It’s often a thankless task, where the only guaranteed reward is knowing they’ve helped maintain and improve the value of their neighborhood. The last thing your volunteer board members deserve is a personal financial loss as a result of their participation.  It’s why community associations absolutely must carry liability insurance. Lawsuits filed against HOAs and other community associations are a common occurrence. Often, one or more of the board members are named in the suit, too. The overall liability insurance policy an association carries covers lawsuits and medical expenses filed by people who are injured in the common areas maintained by the association. While that’s important, there’s a component of protection that’s even more crucial.     Read the article……………


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