Question:
Must a subdivision HOA maintain insurance?
– Beverley
Answer:
Hi Beverley,
There is no law in Virginia that specifically requires HOAs to have HOA insurance. But, the Virginia Property Owners’ Association Act Section 55.1-1827(B) does require HOAs to obtain a blanket fidelity bond or employee dishonesty insurance policy if it collects assessments for common expenses. Regardless, it’s still wise to consult a lawyer and insurance agent to understand your HOA’s insurance needs.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.