Although it might not be required by state law, an HOA master policy Pearland, TX is highly recommended. In today’s age, everything needs insurance in case something happens. You want to be ready in case an accident happens anywhere. This is especially true when something happens in an area not covered by personal homeowners’ insurance.

One type of insurance that protects the shared areas of a housing community and the owners’ association is a homeowner’s association (HOA) master policy, which is also called an HOA insurance plan. Due to its important part in protecting the building and community infrastructure, it is an essential tool for homeowners’ associations. Texas Insurance Agency can help you find the best plan to protect your shared spaces.

The right HOA master policy can better protect your community. See how our team of brokers can help.

What is an HOA master policy?
An HOA master policy is a type of property and liability insurance that is created for spaces run by homeowners’ associations. The policy is like a blanket that covers shared areas like walkways, roofs, overhead parking lots, playgrounds, swimming pools, clubhouses, and other facilities that are owned by the HOA.

In an HOA master policy, there are three types of coverage: walls-in coverage, single entity coverage, and bare walls coverage. Walls-in coverage includes the floors, ceilings, and walls inside the building. Single entity coverage includes the fixtures and systems inside each unit, but not any improvements made by the unit owners. Bare walls covering, on the other hand, only covers the outside frame of the unit.

Why is it important to have an HOA master policy?
Someone who lives in an HOA or someone who serves on the board needs to know what an HOA master policy is and how it works. After all, it’s the job of every homeowner to keep the common areas in the neighborhood in good shape. If something goes wrong or gets damaged in these places, the homeowners would have to pay for expensive repairs without the protection of a master’s policy.

The HOA master policy also includes liability coverage, which covers the HOA in case of a lawsuit or claim due to an injury in the common areas. If the group isn’t insured or isn’t covered enough, these kinds of situations could cause huge financial problems. Request a free quote from Texas Insurance Agency today to get started on finding the best plan for your neighborhood.

The Ins & Outs of an HOA Master Policy Pearland, TX

Of course, an HOA is not required to buy an HOA master plan. However, we highly suggest looking into one to protect your neighborhood’s common areas. If something happens, such as an accident or natural disaster, you may have to spend more money out of your budget to pay for repairs or damages. So, make sure you learn about the ins and outs of an HOA master plan to ensure it’s the right type of plan for your area.

Call us for more info about an HOA Master Policy Pearland, TX.

The HOA master policy has pros and cons, just like any other insurance policy. On the plus side, there is a lot of property coverage that guards against damage from fires, storms, and vandalism. Further, it offers liability coverage, which acts as a shield in case of a lawsuit over an accident or damage to property in the shared areas.

While the insurance does cover some things, it does not cover personal property or areas inside individual units. So, people who own their homes should get an individual plan, similar to an HO-6 policy for condo owners, to protect their belongings and spaces within their unit. Of course, that means if there are no common spaces, you may not need this type of plan.

Rates for HOA master policies can also change depending on things like the number of claims, the property’s condition, and how well it is maintained generally. This lack of predictability in costs could be bad for homes. You’ll want to speak with an expert to learn more about which type of plan would be best for you and your community.

What Texas Insurance Agency Can Do:

Texas Insurance Agency can help you find your way through the complicated world of HOA master plans by giving you personalized answers and advice. Because we have access to many insurance companies and a lot of experience, we can help clients figure out what they need, what risks they face, and how to get the best coverage for their HOA.

Our experienced team can walk you through the different coverage choices and make sure that the policy you choose helps your association get back on its feet quickly after losses and keeps costs down. Our team is committed to meeting our clients’ wants and looking out for their best interests when it comes to finding the right insurance coverage.

Whether you’re looking for personal insurance or a business coverage plan, our team can work with you. Here at Texas Insurance Agency, we put our clients’ best interests first. We’ll help you find the most affordable plan that covers everything you need. We won’t let fine print and confusing text stop you from getting a plan that matches your needs.

You don’t need to haggle your way to finding a good HOA master policy with our help.

Protect Your Shared Spaces Now

In conclusion, the HOA master policy is an important defense for homeowner associations because it protects shared areas and the community’s infrastructure. Even though it might be hard to understand, knowing its parts will help you protect your community’s assets.

The best way to prevent something bad from happening is to ensure you’ve taken every measure to prepare for the aftermath. And one of the best ways is to have insurance.

It’s easier to find the best insurance coverage for your needs when reputable companies like Texas Insurance Agency are just a phone call away. We have a location in Pearland that can help you find the best HOA master policy today!

Pearland, Texas Fun Facts:

• Pearland used to be called Mark Belt.
• However, when the first post office was built, the name was changed to Pearland.
• The city’s name came from the huge number of pear trees in the area.