Here’s something you might not know.
If you own a condominium or townhome, your HOA’s “master” insurance policy may not cover all of your property and losses when disaster strikes.
Generally, a homeowner association (“HOA”) insures the building and common area elements under a single policy called the master policy. When a master policy is in place, you will need to purchase an individual policy to cover risks or property not covered by the master policy.
Keep in mind that unit owner insurance responsibilities can vary widely. For example, some associations may have a master policy that doesn’t cover interior finishes or upgrades within a condo or townhome unit, which shifts the responsibility for insuring these finishes to the unit owners. APA recommends that you review your building’s insurance documents and bylaws with a qualified insurance agent IMMEDIATELY to make sure you purchase adequate protection.
If damage occurs to your unit, not having your own individual unit owner policy with adequate coverage can be disastrous and costly!
“If you own a condominium, it’s important that you have your own insurance policy with adequate coverage tailored to your own specific needs. A lot of people simply do not appreciate this fact. Don’t learn the hard way. Give this message importance; protect your interests by purchasing the insurance you need.”
– APA Executive Public Adjuster Ronny Matti.
In the event of a loss, contact Allied Public Adjusters for a free consultation. The consultation is no risk, no obligations. We’ll help you decide on what to do next, at no cost to you. Give us a call at 888.812.5246.