My homeowners association’s insurance will cover me, right?
If you live in a condominium or a townhouse, surely your association dues will cover all of your insurance needs for your unit, right? Unfortunately, the master policy, or HOA policy, for the condominium or townhome community in which you live will not protect you in many instances.
Condo, also referred to as townhouse or co-op insurance can be more complicated than homeowners insurance or renters insurance. Insurance for condo communities are a bit more complex because each unit is owned by a different person, which is why many communities create associations that collect dues to pay for a master insurance policy among other things. While each policy is different, the master policy for a condominium community often covers shared spaces, the overall structure, and liability protection for the association.