Condo Association Insurance (HOA) in Arizona

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A condo requires a special master insurance policy to protect all of the owners shared or common areas such as walkways, stairs, pools and the exterior of the buildings. Often referred to as a “walls out” insurance policy. This is a reason people love condominiums: the exterior of the property is maintained by someone else while the interior is the owner’s responsibility. The owner of a condo unit will need to carry their own policy (referred to sometimes as a “walls in”), but that policy typically only protects what is in their unit.

Because each individual has their own policy, the owners collectively need to pay for the common areas to be covered such as the walkways, pools, hallways etc. When you’re looking for a new master insurance policy for a condo complex, there are many things to consider:

  1. What are the details of the master policy? What’s included?
  2. What is a reasonable deductible your association can agree on?
  3. How much coverage should you get?
  4. Does the policy need to have flood, wind or earthquake coverage?
  5. And more

If you’re association is in need of a new master condo insurance policy, contact the insurance experts at Insurance Brokers of Arizona®.

TYPES OF HOA & CONDO INSURANCE

General Liability, Property/Building, D&O

HOA & Condo Association Insurance

Frequently Asked Questions about Condo Association Insurance (HOA)

What is the difference between an association policy and a unit owner’s policy?

An association policy generally addresses certain risks involving shared property and association operations. An individual condo policy is designed around the unit owner’s belongings, liability, and portions of the unit for which the owner may be responsible.

Which common areas can an association insure?

Coverage may be available for eligible buildings, hallways, roofs, clubhouses, pools, signs, fences, landscaping, and other association-owned property. Arizona associations should review their governing documents when selecting coverage.

Can insurance protect HOA board members?

Directors and officers liability coverage may respond to certain claims alleging wrongful acts involving board decisions or association management. Coverage depends on the allegations, policy terms, and exclusions.

Can an HOA obtain coverage for theft of association funds?

Crime or fidelity coverage may be available for certain losses involving theft, fraud, forgery, or employee dishonesty. Associations should review who handles funds and how financial controls are maintained.

How often should an HOA or condo association review its insurance?

Insurance should be reviewed regularly and after renovations, property purchases, amenity additions, valuation changes, or updates to the governing documents.

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