If you own a home in a community with a homeowners association (HOA), you may be surprised at what's not covered by the HOA's master policy. Understanding the differences between HOA insurance and individual homeowners insurance is critical to avoiding financial pitfalls. Your personal assets could be at risk if you're not properly insured.
Your HOA's insurance typically covers common areas and the exterior of your home, but you are responsible for interior damage and personal belongings. This means that if a pipe bursts inside your unit, damaging your walls and furniture, your individual homeowners insurance would likely cover the costs, not the HOA's policy.
Review your HOA's governing documents and insurance policy to understand exactly what is covered and what is not. This will help you determine how much individual homeowners insurance you need to purchase to fill any gaps in coverage.
Do not assume that your HOA's insurance covers everything — you could be personally liable for damages or injuries that occur inside your home.
HOA insurance, also known as a master policy, covers the common areas of your community, such as the pool, clubhouse, and exterior of buildings. It may also cover the exterior of your individual unit, including the roof and walls. However, the HOA's policy typically does not cover interior damage or personal belongings.
Individual homeowners insurance, also known as an HO-6 policy, covers the interior of your unit, including your personal belongings and any upgrades or improvements you've made. It may also provide liability coverage in case someone is injured inside your home.
To ensure you have adequate coverage, review your HOA's insurance policy and governing documents to understand what is covered and what is not. You may need to purchase additional insurance to fill any gaps in coverage.
Don't risk being underinsured — review your HOA's insurance policy and purchase individual homeowners insurance to fill any gaps in coverage. Contact your insurance agent or a reputable insurance company to get started.
Claim Your Property Free No signup required to read this guide. See all HomeLeafs guides →An HOA's insurance policy typically covers the common areas of the community, such as the pool and clubhouse, as well as the exterior of buildings. It may also cover the exterior of individual units, including the roof and walls.
Yes, it's highly recommended that you purchase individual homeowners insurance to cover the interior of your unit, including your personal belongings and any upgrades or improvements you've made.
Review your HOA's insurance policy and governing documents to understand what is covered and what is not. You can also contact your HOA's management company or insurance agent for clarification.
It depends on your HOA's policies and insurance provider. Some HOAs may offer individual homeowners insurance policies to residents, while others may not. Contact your HOA's management company or insurance agent to find out what options are available to you.