Unlike a Virginia Beach, VA homeowner, as a condo dweller, you don’t own the building you live in or the land it’s on. While your condo’s or homeowners association (HOA) probably carries a master policy to insure the property and building and will pay for accidents or injuries that occur on outside areas or common areas, it likely won’t cover you or your personal property. For example, your HOA won’t cover repairs to the inside of your unit after a disaster, and won’t replace or repair stolen or damaged Items, or cover liability costs if you or your guests are injured inside your condo. Having a personal condo insurance policy from Armor Insurance Group, called an HO-6 policy, to cover those events is smart.
Condo Insurance vs. HOA Insurance
There are significant differences between these two types of insurance policies. The following are common instances when Condo Insurance coverage will typically kick in:
- There’s damage to your unit’s interior. Because you own your unit, you are likely to be responsible for damage to fixtures, including lighting, cabinets, and appliances. Your HOA master policy may cover the original items built into your place, but it may have a “bare walls” policy, meaning that it is up to you to insure everything, including the walls, ceiling, and flooring.
- Your belongings are stolen. If your computer, furniture, or clothing is stolen, your HOA’s insurance won’t cover it. You need personal property coverage to handle that.
- A guest gets hurt in your Virginia Beach, VA home. If a guest falls inside your condo, personal condo insurance will cover their medical bills and any liability costs if they sue you.
- The damage exceeds your HOA’s policy limit. If a claim to your HOA exceeds its master policy limits, you and other unit owners may be required to contribute funding to make up the difference.
What Is Covered By The HOA Policy?
That depends on the policy. Some won’t cover anything inside your unit, including wiring and plumbing. Some may cover original fixtures, lighting, cabinetry, and flooring. To determine what type of condo insurance you need to cover that your HOA insurance doesn’t, and ensure you and your belongings are protected, call your Armor Insurance Group agent today.