Why Your HOA Needs Cybersecurity Insurance

Both your homeowners association and the master association are required by law (Senate Bill 378) to maintain cybersecurity insurance of at least $5 million to protect against data breaches and cyber threats, especially when handling online homeowner payments. Even if payments are processed through insured banks, the HOA must still carry cyber insurance to protect against cyber-theft claims. Regarding tree replacements, unless specified by governing documents or city codes, the association may replace mature trees with smaller saplings at their discretion. Finally, HOA board members cannot live in the same residence or be closely related within the third degree if they serve together on the board, per Nevada statute NRS 116.31034.

Source: ReviewJournal