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Condo Association Insurance Coverage For Homeowners

Living in a townhome or condominium today involves being a part of an association that makes decisions on what exactly happens to the common property areas. This is done by holding a meeting every month to let residents know of what exactly has to be done and put these scenarios to a vote. Even though residents are part of this association, they will have to have separate insurance for their physical dwellings. Now the homeowners Association will also need to have separate insurance from each individuals policies.

As with any condo HOA insurance policy there will be a lot to look over and solidified and most individuals do not have this training to read the coverage in laymans terms. It is important that you as a homeowner in the Association know exactly what the terms of agreement are for this policy. There are many different types of insurance that your condo association can purchase. Most of the options will have to be determined by the Association and bylaws that are governing them. You, as a homeowner can request that a copy of the California homeowners insurance policy be either mailed to you or picked up.

Now, if you are part of this Association Board of Directors and are in charge of getting H0A insurance, then you will have to take other steps to understand what needs to be covered under your condo and homeowners Association agreement.In addition, another optional coverage that your association members may want to get familiar with is Commercial Umbrella Coverage, which is basically additional general liability coverage in increments of $1 million. Earthquake coverage is also optional, and it will pay for a building to be replaced as a result of earth movement or an earthquake in the area. Finally, another type of coverage that you may find in a condo HOA insurance policy is Workers Compensation, which protects the HOA from liability that might occur from using service providers of any type; this coverage also is optional.

Hopefully, some information given here will take you to the next level of understanding exactly what HOA insurance is and what it can do for the association covers. There are clauses and stipulations that will need to be addressed, but with knowledge of these areas can easily help everyone understand exactly what it covers, and the policies that it takes for individuals or the association in general to claim damages.

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