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Started by YolandaW • 5 replies • 1532 views

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YolandaW (Georgia)
Posts: 11

Posted:

Several things. The main thing being an insurance compnay for the HOA. this is a new subdivision and they do not have the insurance. I know you are suppose to get it having and HOA the only thing is I am not sure where to look.

I have several other concerns and even though I am not a BOD member I am being asked to join. Leadership is definatley not in this subdivision and everyone is calling for change so I want all of my ducks in a row. Apparently there are violators of the covenants and the board wants to start issuing warnings etc but was trying to wait until they obtained insurance.
Can anyone direct me in the right direction and give me an idea on what this insurance may cost.

The subdivision has approximatley 87 homes
No common area like play ground etc
Were do we look. Thanking all of those in advance for there help. I figured I would handle one topic at a time.

LeeS1 (New Mexico)
Posts: 26

Posted:

Start with your bylaws as to how the HOA will be managed. Research your state statutes on what is required as well (non profit corporation, I am assuming). There are many companies that sell D & O insurance (directors and officers), and also liability. You might want to consult with some established HOAs in your city.

JosephW (Michigan)
Posts: 882

Posted:

Regarding the insurance, the company listed to the right is a national comapany and can help with the Director's & Officers Insurance. To find insurance agents in your area that understand HOA's, try going to
http://www.caionline.org/about/aboutchap.cfm
to see if there is a local chapter in your area. If there is they will probably have a directory with insurance agents listed, or you can contact them about it.

To find out more about insurance for HOA's check out the articles at:
http://www.communityassociations.net/insurance_main.html

There is also a short 7 minute video about the kinds of insurance an owner in an association should consider at:
http://www.communityassociations.net/video/insurance_HO_button.htm

I hope this helps answer the insurance question.

Joseph West
Official HOATalk.com Sponsor
Community Associations Network, LLC
www.CommunityAssociations.net
*See legal notice below (end of page) or go to www.hoatalk.com/legal

BradP (Kansas)
Posts: 2,640

Posted:

Yolanda:

We have our insurance through a local agency, American Family. We have liability and D & O coverage with them and I don't think our premiums are bad at all.

YolandaW (Georgia)
Posts: 11

Posted:

I want to thank everyone for all of your help and advice I have started looking into the information and we are meeting with the insurance agency today. Even though I am not a board member you would think I was as I am being asked to help with the many situations.

Thank you guys so much for your help

JohnM3 (Florida)
Posts: 288

Posted:

Depends on your docs and state law.

Try Scottsdale Insurance scottsdale arizona. We are in a huge hurricane zone and have been hit several times. Understand something hoas by and large are the orpahans of city and state law.
You are ineligible for help from FEMA so you are pretty much on your own never ever forget that cites ignore your docs and do what they want with bldg permits and violations expect no help from anyone so use TOPS for finances and set up some type of disaster funding as well as bod directors insurance.If you hire a management co keep in mind 2 signatures minium for all checks. 1 must be the treasurer make sure that person is very strong in his/her operations.

Code enforcement is fairly easy depends on state law. Cut up the community into zones and put board members in charge of zones. When you get to meetings use a egg timer each member speaks in order only and only on items on the agenda. Get a website and use email big time.Use multiple bids on most projects where ever possible. We are in Florida and I have been on the board for 16 years and made a lot of mistakes. But we learned a lot quickly.
Get yourself a law firm that is a shark for violations.See if you have a branch of a company called LIENCO they are great with accounts recieveable.

Run your association like a business not like a good old boys club.

Good Luck
jm

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