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Homeowners Associations (HOA)

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Insurance for HOAs

Product Overview

Living in a condo has many advantages. New buildings have incredible common areas and amenities. Because these areas are frequently in use, they can become prone to damage. This is where HOA insurance comes in. Your homeowner’s association is in charge of ensuring that these areas are kept in optimal condition and are safe to use. This type of insurance also protects the homeowners association in case of any injuries or liability issues that occur in common areas. Whether you manage or belong to an HOA, you’ll want to get the best possible coverage. 


Download resources for Homeowners Associations Insurance. 

Benefits of Homeowners Associations Insurance

As was mentioned before, a good HOA insurance policy will cover liability issues and damage to common areas. Here are some other benefits of this kind of insurance:

  • Protects your property: Even though you share common areas with your neighbors, as a condo owner, you should perceive them as your property, which means that you should make every effort to ensure their safety. 
  • Protects you against lawsuits: Common areas like swimming pools and sports facilities are high risk for injuries. A lawsuit towards your HOA can be very costly and messy. Having the correct insurance policy can help cover related to injuries and legal fees. 

There is a difference between condo insurance and HOA insurance. While the latter protects the common area, condo insurance focuses on protecting your unit. Not every condo has the same amenities and common areas; therefore, there is no  “one-size-fits-all” policy. Contact Prince Insurance to find what plan is best for you. 


Prince Insurance Group helps find the right insurance for you and your needs.


Our team works with you to find the most affordable options for your situation.

Flexible Options

Our products are flexible and we work to find insurance specific to your needs

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Common questions about Home Owners Association Insurance

Get quick answers to some of the most asked questions about HOA insurance. If you have additional questions, please contact us.

What it is?

Being a member of the HOA (homeowners association) comes with several benefits, including the ability to access a shared gym or pool. Unfortunately, the HOA isn’t cheap.

Why should you pay for their insurance?

The master policy for an HOA will safeguard you the same way the actual HOA does. If a surprise expense comes up for the HOA, and it isn’t covered by the member dues, then that cost will be passed over to you by way of special assessments. Insuring your HOA reduces the risks that come with special assessments – particularly ones deemed “high dollar.”

What does the master policy for an HOA entail?

The master policy of your community can be described as insurance that your HOA purchases to cover themselves. Your HOA isn’t the only one served by this – you are also protected from common area repairs or liability expenses passed over to you by way of a special assessment.

Every HOA master policy will cover a couple of things:

  • Property damages – a master policy will protect common areas just like homeowner’s insurance safeguards your home. If the shared spaces are damaged by a wind or fire incident (or similar cause that is covered), and the HOA is held responsible, then this part of your policy will cover repair costs.
  • Liability: if somebody were to slip near your poolside area, then sues your HOA, the lawsuit will not be cheap. In fact, your member dues alone will not cover all expenses associated with the lawsuit. The master policy of your HOA has a liability portion that protects you specifically from special assessments, covering the expenses that come with defending the HOA when in court.

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