Insuring Your Condo: An HOA is Just the Beginning
Posted on: July 15, 2015 by Signature Insurance Group
If you are in the market to purchase your own condo there are a few things you should to know in order to protect yourself in the case of any unfortunate events. Chances are your neighborhood will have a homeowners association or HOA, however it is important to know that the HOA is not the same as So Cal condo insurance.
HOA insurance is put in place to cover issues related to common areas of the association including common roofs, elevators, parking units and pool or gym areas. Your HOA is there to make sure that the neighborhood standards are kept up in order to maintain property values. The HOA insurance policy is to help protect the association from damage, not your personal property.
While having the HOA allows you to put your mind at ease about those common areas, homeowners insurance allows for the peace of mind that your home’s contents and personal belongings are insured. Homeowners insurance offers coverage of the following 6 sections that your HOA does not:
Primary Dwelling- including damage to the home itself, stating how much you can receive should your home be destroyed
Other Structures- coverage for other structures including guest housing, sheds, garages, or fencing
Personal Property- includes coverage of household content and personal belongings
Additional Living Expenses- allows you to be reimbursed for living expenses should your home becomes uninhabitable due to damage such as fire or flooding
Personal Liability-protection should any claims arise against you due to any injury that occurs to others on your property
Medical Expenses for others- covers medical expenses for accidents occurring on your property caused by you, another member of the household or a pet
In today’s economy, where your home is likely your largest asset, it is important to make sure you have the best coverage should any unfortunate accidents occur.
At Signature Insurance Group, we understand the importance of making sure you and your home are protected. Call us today to find out how we can help you find piece of mind with the correct homeowners insurance policy. 855.972.9437
Posted in: Condo Insurance