News Articles

Insurance for HOAs is critical but not well understood. Most insurance policies cover the HOA from property damage within the common areas, liability should someone get injured in the common area, and Director's insurance that protects board members in the case of litigation.

 

Applewood's common areas would include the two tracks of land between the block wall and Keene Rd, the area between the block wall and Westcliffe Blvd, and the front corner sign and all landscaped areas. 

 

 

Applewood Estates uses Harvey Insurance Agency to find the best policy for the lowest cost. The HOA policy is through Philadelphia Insurance Company and covers liability and directors' insurance, but not property.  

 

In 2015, the HOA dropped property insurance after developing a Capital Reserve Fund along with a self-insured study that included previous property damage history and reimbursement probabilities.

 

With that said, the HOA does not have property insurance since the HOA is self-insured for damage to our block walls, sign, and landscaping. However, we do have liability and directors' insurance which we pay a yearly premium.

 

You can find a current copy of the HOA insurance policy by clicking HERE.