Does this apply to my association?
Separate statutes govern planned communities and condominiums, but both expressly reach communities created before, on, or after January 1, 2020. Older planned-community governing documents can affect application.
What coverage does my association need?
HOA requirements
Class I or II planned-community HOA
- Does this apply to my association?
- Class I or II planned communities under ORS 94.550–94.783 or communities described in ORS 94.572 are covered, including those created before, on, or after January 1, 2020. Some pre-2002 documents qualify application.
- How much coverage do I need?
- At least association funds in ORS 94.670 accounts + association-purchased U.S. government obligations held under that section.
- What should I prepare?
- The law does not say when to measure balances, when to update the amount, whether to use face or market value for obligations, or the exact fraud endorsement wording.
- Who and what must coverage include?
- Everyone with fund access is covered, including directors, officers, employees, managing agents, and employees of a contracted management entity. Coverage includes computer fraud and funds-transfer fraud.
- Are there exceptions or waivers?
- After turnover, owners holding a majority of votes present at a meeting may annually approve the board carrying no coverage or a lower amount for the following year.
- When do I need coverage?
- Maintain continuously unless a qualifying annual meeting vote authorizes the following year’s reduction or opt-out.
- What records do I need?
- No government filing or special form is required. Preserve the meeting vote and policy evidence in association records.
Condominium requirements
Condominium association of unit owners
- Does this apply to my association?
- Every association of unit owners for condominiums created before, on, or after January 1, 2020.
- How much coverage do I need?
- At least association funds in ORS 100.480 accounts + association-purchased U.S. government obligations held under that section.
- What should I prepare?
- The law does not say when to measure balances, how to value obligations, when to update the amount, or the exact endorsement wording.
- Who and what must coverage include?
- Everyone with fund access is covered, including directors, officers, employees, managing agents, and employees of a contracted management entity. Coverage includes computer fraud and funds-transfer fraud.
- Are there exceptions or waivers?
- After turnover, owners holding a majority of voting rights present at a meeting may annually approve no coverage or a lower amount for the following year.
- When do I need coverage?
- Continuous by default, subject to the annual next-year election.
- What records do I need?
- No regulator filing is required. Retain the meeting approval and coverage records.
How do I prepare to buy?
Classify the community and use ORS 94.675 for planned communities or ORS 100.435 for condominiums.
Add all funds in the referenced statutory accounts and association-purchased U.S. government obligations.
Check that everyone with fund access, plus computer fraud and funds-transfer fraud, is covered.
If post-turnover owners approve a reduction or opt-out, record the majority-present vote and its following-year effect.
Common Questions
What is the correct Oregon HOA citation?
ORS § 94.675(7)–(9), not § 94.670. Section 94.670 identifies accounts and obligations used in the formula.
Can an Oregon condominium vote to reduce or eliminate coverage?
Yes. ORS § 100.435(14) provides a parallel annual post-turnover mechanism for the following year.
Must coverage include electronic fraud?
Yes. Both statutes expressly require computer-fraud and funds-transfer-fraud coverage.
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