Yes. California 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.
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