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When obtaining insurance for your Homeowner Association, top priorities undoubtedly include finding the best coverage for your properties and getting it at a fair price. Maintaining an up-to-date and accurate Statement of Values (SOV) is key to insuring your HOA properly and at the best rates.

What is a Statement of Values?

A Statement of Values is generally presented in a spreadsheet form and gives a listed breakdown of all the assets and structures that the association wants insured. It will include the assets’ values and their locations, including information such as addresses, GPS coordinates, square footage, number or stories, year built, asset description, etc. A detailed SOV gives the insurance company a better understanding of value and risk and allows them to provide a more accurate policy rate.

Key Elements to your SOV

When it’s time to create a new SOV or audit your existing one, keep in mind these essential components:


Vague descriptions, rounded values, incorrect addresses, and lump entries can be significant oversights in an SOV. Providing accurate, detailed information in your SOV is key to ensuring your HOA is covered in the event of a loss.


SOVs with missing information raise red flags for insurance companies and risk a lower insurance rating for an HOA. Submit your SOV only when you’ve entered the data as completely as possible.


Not only should SOV data be complete and accurate; it should also be consistent in form and presentation. You can ensure the consistency of your SOV by using a wed-based software with an auditable history and processes of approval.

Review Asset Values

It’s important to periodically review and reassess the value of the structures and assets on your SOV to avoid being underinsured in the event of a claim. Even if a structure is fully covered, if it is valued at its original estimate, the coverage based on that estimation might not be adequate. HOA boards should consider getting an “insurance replacement appraisal” from a third-party expert to more accurately update or create their SOV.

In the long to-do list of managing a successful HOA, maintaining a complete and accurate Statement of Values may seem like a daunting task. But the peace of mind in doing so will be well worth the time and effort to ensure your HOA has the best coverage possible should a loss occur.