As an Insurance Agent in Texas I can tell you that it really does not mean anything. It is a generic term that can mean anything. The only way to know what kind of insurance coverage a Home Owners Association has and to know what kind of coverage you the owner should have will be governed by that Assocations bylaws.
When you find the property that you are interested in, ask for a copy of the Bylaws and contact information for the HOA and give it to your insurance agent. Let them call and find out what coverage is right for you. Then the agent can review it with you.
Good Luck, Bruce (Judge Fite Insurance)