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Your HOA insurance covers the building but not necessarily your unit. You as an owner, are responsible for walls in repairs!
You live in a condo and you have been told that your HOA (you pay monthly dues) includes your insurance. You are partially correct! Your HOA insurance covers the building but not necessarily your unit. You as an owner, are responsible for walls in repairs. What this means is if the building burns down, your association will build a new building, but your unit will have nothing inside other than the walls separating you from your neighbors. You are responsible for drywall to separate your rooms, flooring, bathroom fixtures, kitchen cabinets, and everything else inside your unit. That is where condo insurance comes into play.
This insurance will cover repairs of the interior of your unit, it will cover your personal contents and personal liability. Furthermore, this policy can help pay for your living expenses such as food and hotel room if your unit is uninhabitable.
If someone gets hurt while in your unit, the personal liability part will cover their medical bills and defend you against a lawsuit.
Finally, condo insurance will help with “loss assessment”. For example, when a hurricane comes along and damages the fence – all tenants will need to pay an assessment fee, this policy will fully or partially cover the fee in certain instances. Protect yourself and your unit by purchasing a condo insurance policy today.