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 Posted: Sun Mar 29, 2009 5:10 pm Post subject: Property Manager NC |
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| In North Carolina we are forming an HOA which will be self managed. What coverage do we need? Is bonding required for our HOA funds? |
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racopleysr
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| Posted: Mon Mar 30, 2009 2:29 am Post subject: |
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You need at least a General Liability policy. You also need to sit down with a local commercial agent and discuss what your needs are. Each and every situation is different.
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Guest
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| Posted: Mon Mar 30, 2009 4:11 am Post subject: |
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| Quote: | | What coverage do we need? |
there are plenty of policies.
1.fire protection
2.natural disasters
3.theft
you need to discuss with your community members and come to a common conclusion which one you want to go for then it will be easy for you to come to a decision.
also you need to approximately calculate the cost involved in the HOA formation and then it will be easy for you to decide 'how much insurance do you need'!!
| Quote: | | Is bonding required for our HOA funds? |
i am not very clear what you want to say about the 'bonding' exactly. can you elaborate. 
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amit
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| Posted: Mon Mar 30, 2009 6:21 am Post subject: |
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OP, a very valuable suggestion is given to you by the guest; none other than an agent can guide you towards the right direction. You must also check if you are required to have the fidelity bond as some HOA agreement might need it.
The HOA should receive coverage for the commonly owned structure, along with protection against error and omission, theft, employee dishonesty and the like.
However, its advised that the homeowners under the association should be made aware of the property covered under the HOA policy and the property they need to cover under their HO/condo policy.
Thanks,
Rupert |
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RupertWBradson
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| Posted: Mon Mar 30, 2009 9:58 am Post subject: |
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Hi,
You'd first need to identify the specific areas that come under the perview of HOA insurance. It is very important for you to explain (to the homeowners) about areas that should fall under the HOA insurance and those that should fall under the home owners.
You'll come across agents who have specialized in HOA insurance. You'll come to know about the coverage limits that best suit your housing plan.
You'll also need to derive the worth of HOA insurance for a particular portion of property as well as the replacement cost for it's maintenance. Also, remember that the worth of coverage and it's premiums would depend on the number of units mentioned in the housing plan.
ArindamSenIndies |
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ArindamSenIndies
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