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Congratulations, you’ve just bought a condo, and with it, you’ve gained entry into a HOA (Homeowners Association). Alongside your mortgage, you’re now responsible for a monthly membership fee that helps to cover your new community’s shared property. This could look like the pool, shared gardens, maybe even a fitness center (aren’t you fancy!) — all the amenities that attracted you in the first place.
Because part of this membership fee goes towards protecting your condo, you may be wondering what HOA insurance covers that your homeowners policy does not, and why you even need both. Does your HOA insurance cover homeowners’ insurance? Do HOAs cover home insurance traditionally? Here’s the deal:
If homeowners insurance covers an individual dwelling, an HOA insurance policy protects the wider common property, like shared roofs or stairways. For example, HOA insurance kicks in if the roof needs insured repairs.
In addition to maintenance, HOA policies offer liability coverage in case someone gets injured in one of these shared spaces. So if your skateboarder pal does a 180 into the gate of your communal pool (not rad!), the HOA would protect you from any lawsuit he might bring.
If you live in a condominium or multi-unit building, the HOA will also cover shared internal spaces. That said, an HOA insurance policy does not cover homeowners’ insurance. In the case that your personal property is stolen from one of these common areas, for instance, an HOA won’t provide compensation. This is why it’s vital to also have a homeowners insurance policy in place.
The moral of the story is simple: while an HOA may supplement a homeowners insurance policy, the two work in tandem, and you’ll need both to ensure that you’re fully protected.
And to help you keep track of your various insurance policies — from homeowners to auto to pet — our team here at Marble has built a one-hub, digital wallet that helps you stay organized and in control. Get started by setting up your Marble account today.
