Homeowners’ Association (HOA) Property Insurance Claims


Are you an Oklahoma City resident who is currently a member of a homeowners’ association? If so, you should know that there are many complex state and local regulations that govern your relationship with your HOA and its insurance policy. Oklahoma’s property insurance laws are confusing enough, and these laws can be even more difficult to understand when you add in HOA laws. As a property owner, you need to be sure that you have the appropriate insurance coverage for your specific needs.


In the event that you have any type of dispute involving your HOA and your property insurance, you should not delay in consulting with a qualified legal advocate. At The Bennett Law Firm, our Oklahoma bad faith insurance attorneys have extensive experience handling complex property damage claims, including cases involving HOA insurance issues. To get immediate assistance with your claim, please contact a member of our law firm today.


Three Things HOAs Members Need to Know About Property Insurance


  1. You Should Understand What is Covered by Your HOA’s ‘Master Policy’


As an Oklahoma property owner and an HOA member, one of the first things you need to review is your HOA’s so-called ‘master policy’. Essentially, this is the property insurance policy that you and all of your other HOA members will share as a collective group. Most homeowners’ association carry a master policy that provides the coverage for damage to the common areas or other joint areas. In some cases, this will be a ‘walls out’ policy, meaning that HOA members are responsible for obtaining individual coverage for their unit, while the master policy covers damage outside of the unit. Though, the specific terms of this type of coverage can vary. To ensure that your rights are protected, it is strongly recommended that you obtain a copy of your master policy.


  1. Consider Loss Assessment Coverage


Unfortunately, in many cases, HOAs carry a master policy that is insufficient to provide coverage for all potential issues that might occur. This means that there is a chance that the individual HOA members will be liable for a loss. For this reason, Oklahoma City HOA members may want to consider the value of obtaining ‘loss assessment coverage’. Simply put, loss assessment coverage is designed to fill the gap between the master policy and any personal liability for individual members.


  1. Know Your HOA’s Internal Rules and Regulations


Before purchasing insurance coverage, it is imperative that all individual HOA members have an understanding of their HOA’s internal rules and regulations. Your HOA may have specific requirements or minimum standards that you will be mandated to follow in order to be in compliance. If you have any questions or concerns about your HOA’s insurance policy or insurance-related rules, you should not hesitate to consult with a qualified property insurance attorney.


How Our Oklahoma Bad Faith Insurance Attorneys Can Help You


Homeowners’ association property insurance disputes are uniquely complex. If you run into any problems getting the compensation you deserve, or you feel that you are unfairly being left on the hook for property damage, you should get in touch with an Oklahoma City property insurance lawyer who has specific experience handling HOA-related property insurance disputes.


No matter the specific nature of your dispute, our legal team can help. Our law firm is committed to helping individual policyholders fight back against large insurance companies. We know how difficult it can be to be treated fairly in the insurance claims process. Things can become even more challenging and confusing in HOA property damage claims process, where there may be multiple intersecting insurance policies in play. Insurance companies may try to escape liability by attempting to push the liability onto another policy. We will not let you fall into an illegitimate coverage gap. You should not accept any less than you deserve.


Contact Our Oklahoma City Property Insurance Lawyers Today


At The Bennett Law Firm, our aggressive Oklahoma bad faith insurance attorneys have extensive experience handling homeowners’ association (HOA) claims and related claims. If you sustained significant property damage, and you are having trouble getting the compensation you deserve, our legal is ready to help.


To request your free, no strings attached claim evaluation, please call us today at (405) 528-5520 or at (405) 272-0303. Our office is located in the heart of Oklahoma City, and we are proud to serve property owners throughout the surrounding communities, including in Edmond, Norman, Shawnee, Seminole, Moore, Chickasha, and Stillwater.