Insurance
- Statute:
- North Carolina §47F-3-113 · Chapter 47F (North Carolina Planned Community Act)
- Topic:
- Insurance & Liability · Master policy
- Applies to:
- HOA associations
Beginning no later than the first conveyance to someone other than the declarant, the association must maintain, to the extent reasonably available, property insurance on the common elements at not less than 80 percent of replacement cost and liability insurance in reasonable amounts. If that insurance is not reasonably available, the association must promptly notify the lot owners. The association policy is primary.
📄 Read the official text at ncleg.gov →
How SoShiny helps with Insurance
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does North Carolina §47F-3-113 require?
- Beginning no later than the first conveyance to someone other than the declarant, the association must maintain, to the extent reasonably available, property insurance on the common elements at not less than 80 percent of replacement cost and liability insurance in reasonable amounts. If that insurance is not reasonably available, the association must promptly notify the lot owners. The association policy is primary.
- Who does North Carolina §47F-3-113 apply to?
- North Carolina §47F-3-113 applies to HOA associations in North Carolina.
- What happens if our HOA doesn't comply with §47F-3-113?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for North Carolina community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of North Carolina §47F-3-113?
- The official text is published by the North Carolina General Assembly at ncleg.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Insurance?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of North Carolina §47F-3-113 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a North Carolina-licensed attorney. For the official statutory text, see the link above.
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