What You Need To Know About Your Condo Policy & HOA Insurance

HOA Insurance Vs. Condo Insurance

The condo lifestyle is all about sharing – sharing the fitness center, pool, elevators, garage, and insurance responsibilities. As a condominium owner, it is important that you know where the HOA’s insurance is limited and leaves you responsible. Gathered are a few essential HOA insurance questions to ask so that you can properly insure your new condo:

It is important that you ask the HOA what kind of condo master policy they have. The type of policy used will tell you what coverage they have and where coverage is limited.
Additionally, you will want to know how the HOA insurance covers liability. Since their policy will likely only cover liability concerns that occur within the shared areas of the complex, you will need your own liability insurance.
Does your HOA’s insurance cover renovations within your unit? HOA insurance policies vary, but they may cover any home improvement projects that you complete to your condo.
It is important for you to find out if you will need to obtain loss assessment coverage if the HOA insurance limits do not suffice.
Most importantly, ask if the HOA regulates your personal condo insurance policy. Knowing the answer to this question will allow you to make more informed decisions.

FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
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