Bolo23
Contributor

Does USAA have Homeowner Association Insurance there are a number of members who live in the association.  Is there an agent in MN who can help me with this?  Bolo23

1 REPLY

@Bolo23 - Hi, our homeowners policies do provide homeowners loss assessment, to qualify for this there must be a Master Policy in place for the peril causing the loss, basically the HOA needs to have a master policy, you can check with them to see. In MN policies issued after 2008 include in the contract a $10,000 limit, but the limit has been increased to $50,000 (total) on the states special provisions. The contract includes: Direct loss to property owned by all members collectively caused by a peril insured against by the policy. In addition coverage applies to the insured's acts, subject to our liability coverage requirements, as a director an officer or a trustee of the association if the insured is elected to the position and serves without pay. Before USAA would begin to pay out the master policy limits must be exhausted by a covered peril, like a fire. Here are two scenarios to help: Scenario 1- Association's $200,000 clubhouse burns down. Association assesses each owner $1000 towards the master policy deductible which is covered by the standard Homeowners contract. Scenario 2- Association's $200,000 clubhouse burns down. Association only has $150,000 master policy. Each owner is assessed $5,000. The Loss Assessments coverage would come into play. In both situations you would be covered, but it falls under differing categories. To find out exactly how you are covered I encourage you to either chat with USAA at USAA.com >ASK USAA or Help, we can also take a look with you over the phone at 1-800-531-8722(USAA). Thank you. ~Shawna