Homeowner Association Insurance Specialists
Insurance Policy Inspections and Disclosures - HOAs
Homeowner associations are required to distribute not less than 30 days nor more than 90 days preceding the beginning of the association's fiscal year, a summary of the association's property, general liability, earthquake, flood, and fidelity insurance policies, that includes all of the following information about each policy:
- Name of the insurance company
- Type of insurance
- Policy limits
- Amount of deductible, if any
The association shall, as soon as reasonably practicable, notify its members by firstclass mail if any of the policies have lapsed, been canceled, are not immediately renewed, restored, or replaced, or if there is a significant change, such as a reduction in coverage or limits or an increase in the deductible. If the association receives any notice of non renewal of a policy and if replacement coverage will not be in effect by the date the existing coverage lapses, the association shall immediately notify its members.
Insurance policies must be made available for inspection and copying by members within 10 days of a written request.
Independent Insurance Agents of California
A California Corporation