Living in a condo with an HOA has many benefits. Often there are added amenities for the community, and some HOA’s will offer maintenance free-living. Did you know there can also be the added bonus of having shared insurance from the HOA? In many HOA communities, there are blanket insurance policies that overlap with individual condo insurance. Around Florida, there are many condos and knowing you are covered is essential. The experts at Tim Huber Insurance in St. Augustine, FL are here to help explain basic insurance coverage with condo insurance and an HOA.
Typically, an HOA will have their own blanket liability coverage for the community. This usually covers everything in your condo from the "studs-out," meaning the roof, siding, and exterior parts of the condo would be covered by the HOA master insurance policy in the event of damage from hail or the wind. Personal property or anything from the "studs-in" would fall on the individual condo insurance. For liability claims that may occur in any common areas, such as the clubhouse or pool, condo insurance usually has some element of liability.
It is always important to check first with your HOA master insurance policy to find out just how much liability coverage you need on your personal condo insurance. It is also important to know that in some HOA communities there is a minimum amount required for personal condo insurance and they may even request a copy of your declaration page.
Making sure your condo is covered for the unknown is important to protect yourself and your loved ones. Tim Huber Insurance, proudly serving the residents of St. Augustine, FL and the surrounding areas, can help unravel any questions on the coverage you may have. Reading through the limitations of your current HOA master insurance coverage and deciding how much coverage is necessary for your condo insurance is a tricky undertaking. Visit the experts today to get started on your new condo insurance policy.