Definition
Coverage for physical damage to the HOA's buildings and common-area assets from events like fire or storms.
Property insurance covers physical damage to the association's insured property — common-area buildings, clubhouses, and equipment, and in condos the building structures — from covered perils such as fire, wind, or vandalism.
What's covered by the association versus individual owners depends heavily on the governing documents and, for condos, the master policy type. Boards should insure to adequate replacement value and review coverage as construction costs rise.