What Is Covered With HOA Insurance After Buying a New Condo

Buying a condo means that you automatically become part of the homeowners association. The homeowners association offers HOA insurance that covers certain risks in your condo building. This policy doesn’t cover all the risks so it is worth it to understand what is and isn’t covered, so you can promptly get the individual protection that you need. Here are a few things you should know about HOA insurance.

  • HOA insurance covers everything that happens outside of your building. This includes damage to the lobby or even an elevator. You are responsible for the coverage of everything else in your condo.
  • HOA insurance will cover the injury of guests in common areas like the pool and lobby. If a guest is injured in your unit you may need liability insurance.
  • Renovations on your condo are not covered by HOA insurance.
  • Property damage to your building in common areas is covered by HOA insurance.

Warrior Insurance in Monument Colorado can help keep you covered. We take the time to assess the special needs of each of our clients. Contact us today for any of your insurance needs.

 

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