Updated almost 5 years ago on . Most recent reply
Insurance of HOAs Condos
I own condos which are part of different HOAs.
I see a lot of money goes into Insurance ( flood wind sink holes etc )
Some Small Associations around where I live (Tampa Bay - Florida ) have opted to go just with Liability Insurance and not the rest. Our Insurer says it is illegal and that we can be sued if we do so.
Is this right ?? 😳😳😳
Most Popular Reply
Jason Bott
#2 Insurance Contributor
Pro Member
#2 Insurance Contributor
- Insurance Agent
- Nationwide
The HOA by-laws will state the board is required to procure insurance for the HOA. If the board does not execute, then the unit owners can sue the board members for failure to perform their duties.