This is true whether you own a single-family home in an HOA or a condo in a condo HOA. HOA insurance does not cover your personal property or contents in your home or condo. You may need supplemental dwelling coverage, but you should consult with your insurance agent to determine what additional coverage you may need. Renovations that you do to your condo may not be covered by the all-in coverage. Examples of fixtures are countertops, sinks, built-in appliances and anything that you cannot take with you when you move. All-in: An all-in policy covers everything that a bare walls-in policy covers, and also covers the condo’s fixtures.That coverage would include the drywall and all of the structure found behind the condo walls, including the framing, wiring, plumbing and insulation. Bare walls-in: A bare walls-in master policy covers only the structure of the condo.It will likely consist of one of two different types of condo insurance: In a condo HOA, the master policy will specify what type of coverage it provides. In those cases, the homeowner’s personal insurance policy covers damage to the home. In contrast, for a single-family home in an HOA, the HOA insurance does not cover a single-family home because it is not considered a common area. In a condo HOA, the master policy covers damage to the structure of the condo building. The master policy also insures damage to HOA buildings and property in the common area. ![]() It protects the HOA against liability for injuries suffered by an individual(s) using a common area. The master policy is fundamentally a general liability insurance policy. By having insurance to cover these risk you are saving yourself from potentially high costs. There are a few risks that commonly comes with HOA’s. The cost of HOA insurance is included as part of the monthly HOA dues paid by each member. Condo owners should review the HOA’s master policy before taking out a personal condo policy it will be redundant to insure anything that is already covered by your HOA’s master policy. In a condo or co-op HOA, the common areas likely also include the building structure, roof, hallways, meeting rooms and mailbox areas. Some typical examples of HOA common areas include: Your HOA documents will outline exactly what space is designated a common area. HOA insurance is provided under what is called a master policy which covers the common areas of the HOA. Without HOA insurance, that is precisely what could happen– each member would be responsible for paying their share of the costs. HOA insurance is designed to protect the HOA and its members from paying for damages and the costs of repair out of their own pockets. ![]() HOA insurance is important when someone is injured while using the common area or damages the HOA property. In many such cases, the HOA, without HOA insurance, will be held liable. ![]() No matter how well the HOA maintains its common areas, accidents involving serious injuries and damage to property can occur in the common areas. The HOA, not the individual homeowners, is responsible for maintaining the common areas in a manner that is consistent with the HOA documents. That shared space is also known as the HOA’s common areas. In most HOAs, the homeowners have the right to use space that the HOA owns or maintains for the benefit of all of the HOA members. A homeowners association (HOA) is an organization that provides governance and services to homeowners or condominium owners within the HOA.
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