Community Associations Insurance in Murfreesboro, TN

 
Community associations, whether homeowners’ associations (HOAs) or condominium associations, play a vital role in managing shared spaces and maintaining the overall well-being of neighborhoods. Having the right insurance coverage is paramount to ensure the seamless operation and protection of these communities. 

What Insurance Coverage Do Community Associations Need?

Community associations may have various options when seeking appropriate insurance coverage, such as the following: 

• HOA insurance—HOAs are typically responsible for maintaining common areas like parks, pools and roads. With this in mind, an HOA insurance policy can financially protect the association from potential liabilities from accidents or property damage in these shared spaces. This insurance can cover bodily injury, property damage and legal expenses, providing a comprehensive shield for the community.
• Condominium association insurance—This type of coverage may help financially safeguard the shared structures of a condo complex, such as buildings and common areas (e.g., lobbies, club rooms and gyms). 
• Community associations insurance—These policies may often provide coverage beyond the liability protections of most HOA insurance. Instead, they may also include coverage for directors and officers, protecting board members from personal liability for decisions made on behalf of the association. Additionally, fidelity insurance can financially safeguard against fraudulent acts committed by employees or volunteers within the association. 

How to Get HOA or Condo Association Insurance

Implementing and maintaining appropriate loss control measures, such as an HOA insurance policy or condo association master policy, should be considered an essential step to cultivating financial security for a community and its residents. Contact the dedicated team at FSB Insurance to learn more about available community association insurance solutions.