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Where Does My HOA’s Coverage End?

Apr 03, 2015

Homeowners Insurance

Where Does My HOA’s Coverage End?
Understanding The Protection You Need When you buy a condo, a lot of things in life become simpler. You do not have to worry who does your landscaping. If the pool develops a slow leak, it is not your problem. If the siding gets stripped during a hail storm, you do not assume the expense. One aspect of your life becomes more complicated, though- your insurance coverage. When you pay your HOA dues, you are also paying into the insurance coverage your HOA carries. While that is great insofar as it protects your building, your common areas, and your liability in those common areas it is not safe to assume that is the only type of insurance coverage you need. So you can still protect your personal property and your liability inside your home, here are a few things you need to understand about your HOA’s policy. • What Kind Of Master Policy Is The HOA Carrying? Most likely, your HOA has a studs-out policy, meaning nothing inside of your unit, including floors, walls, or fixtures, is covered. Some, however, have all-in coverage, which will include fixtures and structural elements. Find out which yours has so you do not end up unprotected or paying for coverage you do not need. • How Is Liability Covered? If someone gets injured in a common area, your HOA policy will likely cover the liability, while if someone gets injured inside your condo, they likely would not. Double check to be sure, though, as you do not want to end up paying court fees out of pocket. • How Is My Own Insurance Regulated? Before you buy your condo insurance policy, ask your HOA if they regulate who you buy from, or how much you need to buy. Do not leave your lifestyle vulnerable by failing to carry condo insurance. For all of your insurance needs in Chino Hills, Long Beach, Seal Beach, Los Angeles, and all of California, contact Fuller Insurance. Our dedicated team is here to ensure you are not left with a gap between your coverage and your HOA’s.
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