Crimes Against the HOA: Insuring Your Community Association

homeowners' association insurance

You and your neighbors probably like to think of your neighborhood as safe. It’s unpleasant to imagine that crimes could occur near your home or even against your HOA. It occasionally does happen, though. When it does, it helps to have a homeowners’ association insurance package that includes crime and cyber liability policies to cushion some of the financial blow.

If someone steals from the HOA, whether the item stolen is money or property, there’s no guarantee that the association will ever get it back. Crime insurance can help make the HOA whole again. Whether the crime is as minor as a stolen TV or as major as fraud or embezzlement, having insurance can mean the difference between being able to replace what is stolen and having to learn to go on without it.

Cyber security is an increasing risk to HOAs. Because HOA records include some private information about members that could be used for things like identity theft, the board has an obligation to cyber liability to protect itself and its members from security breaches. It can cover legal fees as well as anything needed to correct the problem, such as increased firewall protection or crisis management.

There are several policies that are important to include in every homeowners’ association insurance package. Protecting your members against the fallout from all kinds of crimes should be a priority.