When it comes to insurance, there is more to it than just getting adequate coverage; it is also about partnering with a reputable provider. Here are the best insurance companies for homeowners associations to get you started:
Given how important insurance is to every condo and homeowners association, it only makes sense to buy from the best. Shop around for HOA and condo association insurance companies, sit down with an agent, and ask detailed questions. This will help you narrow down your options and arrive at the right fit.
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ome condominium and homeowners associations need additional coverages to deal with increased risk. Not a problem because your State Farm agent will work with you to understand and help meet your needs.
At Community Risk Advisors (CRA), we deliver specialized HOA insurance advisory services tailored specifically for the multi-family and commercial real estate industries.
Our approach goes beyond basic coverage—we work hand-in-hand with clients to develop and execute comprehensive strategies that proactively manage risk. With deep expertise in community association insurance, we provide protection, clarity, and peace of mind.
Whether you’re a board member, property manager, or business partner, CRA gives you a trusted path forward in navigating complex risk environments.
Although Lemonade is fairly new to the market, it has already carved a niche for itself. The beauty of Lemonade is that it uses technology to make the process a lot smoother for HOAs — from sign-up to filing claims. It has a mobile app equipped with artificial intelligence, and its standard plans come with portable electronics coverage, too. Plus, you have the option to donate part of your unused premiums to your choice of charity.
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State Farm offers a variety of policies designed with homeowners associations in mind. These include building coverage, D&O liability coverage, and employee dishonesty protection. They even have coverage for backup of sewer and drain. Other than that, State Farm even adjusts your coverage automatically to match inflation.
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Kevin Davis Insurance Services (KDIS) focuses on providing insurance to community associations, including condos. Policies include commercial umbrella protection, D&O insurance, and crime coverage. Interestingly, KDIS also has cyber liability protection in case of a security breach. The policy covers regulatory fines, cyber extortion, defense for third-party claims, and more.
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Insurance is a fundamental form of protection that every homeowners association should have. Not all providers are made equal, though. That is why it is paramount to choose from the best HOA insurance companies.
Insurance is a regular expense found in most homeowners associations’ financial records. But, because it is not something you immediately feel the effects of, some association boards are apprehensive to purchase sufficient coverage. Still, insurance remains a necessary investment for many reasons.
For one thing, insurance acts as a safety net in case of a covered loss. If your clubhouse gets damaged due to a storm, for example, your insurance can pay for the cost of repairs or replacement. This will eliminate the need for you to tap into your reserves or levy special assessments to cover the expense.
Additionally, insurance shields your association from liability. If someone gets injured on HOA property, your insurance can pay for the cost of that person’s medical bills. Should they sue, your insurance can also pay for the legal expenses.
Moreover, insurance — specifically D&O insurance — protects the HOA board from personal liability. Board members make decisions every day. Some of these decisions, or lack thereof, can rub people the wrong way. When that happens, board members can find themselves on the receiving end of a personal lawsuit.
Interestingly, D&O insurance not only shields the board (and their spouses) from personal liability due to alleged wrongful acts but also actual wrongful acts. However, illegal acts are typically not covered.
Insurance preserves the financial health of your association in more ways than one. Considering there are countless homeowners association insurance providers offering various forms of coverage, though, choosing one is not always an easy endeavor.
Insurance is a very broad term. There are a handful of insurance policies that homeowners associations should obtain according to their individual needs. At a minimum, your HOA should have the following insurance plans:
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