Yes. Missouri Civil Code Section 5805 requires HOAs to maintain property insurance and general liability insurance for common areas. Additionally, virtually all HOA governing documents (CC&Rs) contain their own insurance requirements that may exceed the statutory minimums.
Beyond legal requirements, lenders financing homes in HOA communities require evidence of proper master policy coverage — gaps or lapses can prevent homeowners in your community from selling or refinancing, creating significant board liability. Operating without adequate insurance also exposes the association and individual board members to personal financial liability.
Related FAQs
These terms describe how much of the physical structure the HOA's master property policy covers — and directly impact what individual homeowners need in their own HO-6 policies: Bare ...
Missouri's insurance market has entered what the industry calls a "hard market" — driven by three converging forces: catastrophic wildfire losses (including major fires throughout Chesterfield county), carrier withdrawals ...
A lapsed or cancelled HOA master policy triggers serious consequences on multiple fronts: Lender requirements: Mortgages on units in your community typically require HOA coverage. Lenders can force-place coverage ...
