Protect the finances of the community with homeowner association insurance Houston, TX. The right coverage can get you out of any financially sticky spot. Get in touch with Texas Insurance Agency to see what your options are and connect with the best commercial coverage options that you can get at an affordable rate. We’re a Houston-based insurance brokerage that works for you.

The right homeowner association insurance can ensure the neighborhood starts off on the right foot.

What is homeowner association insurance?
The homeowners association (HOA) insurance, also called a “master policy,” protects the common areas of a neighborhood that the HOA runs. This includes common areas like clubhouses, parks, swimming pools, stairs, elevators, gyms, and sidewalks.

Property insurance for damage to common areas, general liability insurance in case the HOA is sued, and fidelity insurance to protect against theft or fraud by HOA officers or workers are some of the things that are usually covered. If you’re part of the HOA, having a homeowner association insurance policy can allow you to continue running things with better peace of mind.

Homeowners are still responsible for protecting their own homes or apartments and their own things. Besides that, they need to have liability insurance for themselves. When a shared area like a roof gets damaged, the HOA insurance usually pays to fix it. But if the damage spreads to personal things in a homeowner’s unit, that person’s own insurance would have to pay for it.

People who own their own homes should know what their HOA’s main policy covers and what they are responsible for. Texas Insurance Agency can go over everything you need to know about a homeowner association insurance plan and a personal homeowner’s policy. Don’t get confused and find yourself lacking coverage when it matters most. We’ll help you get what you need, so get your free quote today.

Best Parts of Homeowner Association Insurance Houston, TX

The best thing about insurance is that it serves as a safety net for any event that could affect your financial situation. For example, if a fire rages through the neighborhood, an HOA policy could cover the cost of the damages on any shared space so that the HOA or the community won’t have to pitch in from out of their own pocket to pay for the repairs. So, here are some of the other best parts of having the right homeowner association insurance:

Homeowner Association Insurance Houston, TX, works for neighborhoods and condos with HOAs. Texas Insurance Agency can show you how to find the best coverage for your community.

• Full Coverage: Homeowner Association insurance usually covers damage to common or shared areas in a neighborhood, so everyone can use them without having to worry about repairs or upkeep.
• Liability Protection: If a resident or visitor gets hurt in a common place and sues, the HOA master policy will usually cover the association’s legal costs.
• Splitting the Costs: The cost of HOA insurance is usually split among the residents. This makes it more affordable for each homeowner than getting multiple plans to cover common areas.
• Protection Against Theft or Fraud: Fidelity coverage is often a part of HOA insurance. This protects against dishonesty, theft, or fraud by HOA officials or workers.
• Stability: Since much of the cost is shared among many homes, insurance rates are less likely to go up quickly.
• Coverage for Structures: In some HOAs, the main insurance covers the original structure and fixtures of each unit. Homeowners would only have to pay for their own things and any improvements they make.
• Taking Care of Systems: If shared systems like HVAC systems get damaged, the HOA insurance takes care of it so that residents don’t have to pay for it themselves.
• Advice from Experts: The board or management company that is in charge of the HOA usually works with insurance brokers or agents. The HOA can get the right kind of insurance from them, make changes to it as needed, and file claims with them.
• Simplified Claims Process: When damage happens to a shared area, the HOA board or management company usually takes care of the claims process so homeowners don’t have to.
• Damage Done by Residents: If a resident damages a common area by mistake, the HOA insurance policy may pay to fix it, but this depends on the details of the policy.

Keep in mind, though, that each homeowner still needs their own insurance for the inside of their units and the things that are inside them, as the HOA coverage does not cover personal liability on a resident’s property. Instead, you’ll need a personal homeowner’s plan to cover everything the HOA insurance does not.

What Does HOA Insurance Cover?

Homeowner association insurance is made up of multiple parts. After all, there’s not one plan that does everything you need. Instead, you’ll need several plans to cover all of your blindspots to protect against the worst-case scenarios. Most of the time, HOA insurance covers the following:

• Damage to Property: As a general rule, HOA insurance covers damage to common areas and buildings that are caused by things like fire, theft, smoke, or storms.
• Liability Insurance: This helps pay for medical bills if someone gets hurt in a commonplace and the HOA is sued.
• Directors and Officers Liability: This helps pay for repairs if the HOA board is charged for a choice they made that hurt someone or caused damage.
• Fidelity Coverage: In some places, HOAs have to have this kind of coverage. It covers the HOA against fraud, theft, or embezzlement of HOA funds.

We’ll show you every option for Homeowner Association Insurance that is available to you.

Let’s Protect Your Community

Every complex or neighborhood has its fair share of common spaces. Whether it’s parks, pools, gyms, or playgrounds, no house is responsible for those areas by itself. Instead, it’s usually up to the HOA to ensure everything is looking spick and span. However, what if something happens to those areas that would take a chunk out of the HOA’s expenses?

That’s where homeowner association insurance can come to the rescue. Call our office to learn more about your options. We’re a Houston-based agency that can come to your aid any time. We’ll show you your options for homeowner association insurance.

Houston, Texas Fun Facts:

• One of Houston’s nicknames is “H-Town.”
• This city is Beyonce’s hometown.
• It’s the 4th most populous city in the country, after NYC, LA, and Chicago.