If you live in a development or community that is governed by a Home Owners Association (HOA), you might end up paying less for individual homeowners insurance than the average home.
HOAs are responsible for buying insurance that covers all public, common areas of the development.
HOA Master Insurance Policy
- Many HOAs carry what’s known as a “master policy.” These policies typically provides coverage for both damage and personal injuries.
- The HOA's master policy should provide coverage in the event of damage to the parts of the property shared by all owners, such as roofs, common walls, lobbies or atriums, stairways, elevators, basements, fitness centers and pools, ponds or lakes, playgrounds, and clubhouses.
- Your HOA should also purchase general liability insurance to pay the costs of any lawsuits for medical expenses filed by people who are injured in the common areas of the property.
What Insurance Coverage the Unit Owners Should Purchase
- Plan on buying an individual insurance policy (often called a condominium policy) both for your own protection and because, if you're taking out a mortgage loan, your lender will require it.
We offer customized insurance solutions for your rental property needs. Coverage options include protection for your property, business and liability.
Property Insurance—Covers damage or destruction of buildings, equipment, inventory and more.
General Liability Insurance—Covers costs if someone is injured at your business or from using your product or service.
Business Income Insurance—Also known as Business Interruption insurance, this replaces lost revenues and covers extra expenses in the event that your business has to shut down or relocate due to fire, wind damage or other covered losses.