Does My HOA Cover My Condo Insurance?

Condominium Insurance Online ->Does My HOA Cover My Condo Insurance?

When making the decision to purchase a condo, many consider the Home Owner's Associate dues to be the make or breaking point of the decision. The HOA charges a membership fee, which all condo owners are required to pay. The fee covers common area landscaping projects, pools, gyms, common areas, and other amenities of the community. Typically these HOAs also provide some condo insurance, but their coverage does not cover everything.

A typical HOA in a condominium community would cover the exterior of the residence. Many cover the exterior for fire, wind, and even earthquake damage. They may even cover the structure, like the wall stud, wiring, and foundation, but would not cover the condo owner's personal property and even the cosmetics of the interior. To further understand exactly what your HOA covers, look at the paperwork provided at the time of sale.

The HOA's coverage typically pays for:

• Roof
• Windows and Doors
• Foundation
• Siding

Some HOAs choose not to cover the sheetrock walls, so that would be the responsibility of the owner. Since other HOAs provide coverage for windows and doors, while others may not, it would be best to check with your HOA for clarification.

Most condo owners would need to carry condo insurance to cover:

• Sheetrock walls
• Carpeting
• Furniture and other movable objects
• Liability coverage for fire and theft

The cost of liability insurance is negligible at best. Most condo owners find that their out of pocket expense for an annual condo insurance premium comes in at well under what a typical homeowner would have to pay to secure their property. The benefits far exceed the out of pocket expense. Condo insurance should be a priority for all condo owners, who have HOA benefits.

HOAs usually carry paperwork on their coverage. They may also have worked out a good rate on condo insurance with a reliable carrier to protect your interior. Many top rated insurance providers offer condo insurance, including Allstate, Metlife, and State Farm.

Condo insurance should not be confused with renter's insurance. While renter's insurance would protect your belongings, condo insurance takes that a step further and protects the amenities on the interior of the house. Condo insurance also covers any mishaps that you may cause in common areas. For instance, if you accidentally broke a door in the common area, then the condo insurance would cover the cost of replacing the door.

Condo insurance may protect against guests who have accidents and then sue. The coverage could also pay for living expenses in case you could not pay due to illness or injury. The coverage comes at a reduced premium as compared to homeowner's insurance. Owner's perspective on HOA membership fees tend to change when they realize the extent to which their HOA protects their condo. Just make sure the remaining interior is protected with condo insurance from a major provider.

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