Housing associations, are non-profit organizations that play a crucial role in providing affordable housing options to those in need. However, managing properties and dealing with tenants inherently involves a certain level of risk. This is where Housing Association Insurance becomes essential.
Housing Association Insurance is a specialized type of coverage designed to mitigate the risks associated with managing properties and tenants. It provides a safety net for housing associations, ensuring they can continue their important work without the worry of potential financial setbacks.
Operating properties involves various risks, from property damage and maintenance issues to potential disputes with tenants. Housing Association Insurance provides comprehensive coverage for these risks, protecting the financial health of the organization.
Housing association insurance 101
Housing association insurance can protect your housing association and the properties you operate from the financial ramifications of a lawsuit or property damage by the tenants and/or third parties. For example, if a fire breaks out at one of your properties, causing severe damage, you could be held financially liable for not providing a sufficiently safe living environment to your tenants and be responsible for repairing or replacing the property itself, covering additional living expenses etc. But with the right insurance coverage, your provider might help cover the costs of necessary repairs, related expenses and liability risks too.
Ultimately, the experts at ALIGNED Insurance can help you find an insurance plan that suits the needs of your housing association and its properties.
Common types of housing association insurance
Housing association insurance policies typically include the following coverage types:
- Building insurance: Building insurance aims to protect your housing association property from perils, like fire, water damage, theft, vandalism, and more.
- Property owners’ liability insurance: Housing associations may be liable for third-party personal injury or property damage that occurs at one of their properties. For example, if a tenant invites a guest over who slips and falls on the icy walkway leading to your property, you might be financially liable. But with property owners’ liability insurance, your insurer would help cover the cost of any legal fees or applicable medical expenses.
- Contents insurance: If your housing association provides furnished properties to those in need, furniture and contents insurance might be important. For example, it will come in handy if one of your tenants accidentally damages items on the premises, such as furniture or a light fixture. With contents insurance, the cost of repairing or replacing the damaged item might be covered.
- Loss of rental income: Accidents happen. If an insured loss, such as fire or water damage, causes property damage that makes your housing association property inhabitable, your tenant may be forced to move out. In this case, loss of rental income protection can help mitigate the financial losses that come with this newfound lack of income. As a housing association, it’s important to ensure that one disruption to your property doesn’t lead to serious financial losses.
- Directors & officers insurance: Directors & Officers of housing associations have many stakeholders that they need to consider and manage. They also have a unique fiduciary duty and responsibility for stewarding public funds, donations, grants etc. Protection of the asociations assets from allegations of wrongful acts against the board and personal asset protection of the board members themselves are key reasons why housing associations typically buy directors and officers insurance.
Contact ALIGNED for more information on housing association insurance
Do you want to learn more about housing association insurance? ALIGNED is here. Get in touch and one of our housing association insurance experts will be pleased to assist you. We can obtain quotes from top insurance companies on your behalf, compare coverage options, and walk you through your policy. Contact ALIGNED to get started or click here for a free quote.
