Your Statement of Values – What to Include or Not

Maintaining an up-to-date and accurate Statement of Values (SOV) is crucial in ensuring your HOA is properly insured and securing the best rates. When obtaining insurance for your Homeowner Association, it is essential to prioritize getting the best coverage for your properties and securing it at a reasonable cost.

What is a Statement of Values?

SOV allows an insurance company to provide insured policies that give a better understanding of the risk and value. It includes a detailed description of the assets built year, the number of stories, square footage, GPS coordinates, addresses, and other relevant information. The Values of Statement A generally presents a breakdown of all structures and assets that the association wants insured, listed in a spreadsheet form.

Key Elements to your SOV

When it’s time to establish a fresh SOV or review your current one, remember these crucial elements:


Ensuring that your HOA is adequately protected in the event of a loss is crucial for providing precise and comprehensive information in your SOV, as significant omissions can include ambiguous explanations, approximate figures, erroneous locations, and collective entries.


Please submit your SOV only after entering the data as thoroughly as you can. SOVs that have missing information raise concerns for insurance companies and may result in a lower insurance rating for an HOA.


Ensuring the consistency of your subject-object-verb (SOV) structure can be achieved by utilizing a web-based application that maintains a trackable record of actions and incorporates approval procedures. Additionally, it is crucial for the SOV data to adhere to a uniform format and be both comprehensive and precise in terms of content and layout.

Review Asset Values

To prevent being inadequately insured in case of a claim, it is crucial to regularly evaluate and reevaluate the worth of the buildings and belongings on your SOV. Sufficient coverage may not solely rely on the assessment of a structure that is completely insured at its initial estimation. In order to precisely update or establish their SOV, HOA boards should contemplate obtaining an “insurance replacement appraisal” from an external specialist.

Ensuring the accuracy and completeness of the Values of Statement, which is a long list of tasks involved in managing your HOA, may seem like a daunting task. However, it is worth putting in the effort and time to ensure that your HOA has the best possible coverage, as it is likely to result in peace of mind.