West Virginia HOA and condo insurance, governed by the Uniform Common Interest Ownership Act. The 36B-3-113 80 percent actual-cash-value floor sits well below the lender standard

West Virginia Code Section 36B-3-113, part of the Uniform Common Interest Ownership Act, requires the association to maintain property insurance on the common elements, and in a condominium the units, against all risks of direct physical loss commonly insured against, in a total amount, after application of deductibles, of not less than 80 percent of the actual cash value of the insured property at the time the insurance is purchased and at each renewal date, exclusive of land, excavations, foundations, and other items normally excluded. The same section requires liability insurance in an amount determined by the executive board but not less than any amount the declaration specifies.

The 80 percent actual-cash-value floor is the key practitioner point. It sits below the 100 percent replacement-cost standard the Fannie Mae Selling Guide (section B7-3) requires for a conventional loan to be warrantable, and actual cash value is itself a weaker basis than replacement cost because it builds in depreciation. A West Virginia association can satisfy Chapter 36B and still fail a lender insurance review, so size the property program to replacement cost and the lender bar, not to the statutory minimum, and confirm the master policy is written on replacement cost rather than actual cash value.

Section 36B-3-113 sets no fidelity or crime-coverage requirement, so unlike the states that prescribe a bond formula, in West Virginia the fidelity amount is governed by the association's own documents and by the lender standard rather than by statute. Associations organized as nonprofit corporations under Chapter 31E also owe the governance and indemnification obligations of that act, which keeps adequate directors and officers coverage relevant to volunteer board service.