As was mentioned before, a good HOA insurance policy will cover liability issues and damage to common areas. Here are some other benefits of this kind of insurance:
- Protects your property: Even though you share common areas with your neighbors, as a condo owner, you should perceive them as your property, which means that you should make every effort to ensure their safety.
- Protects you against lawsuits: Common areas like swimming pools and sports facilities are high risk for injuries. A lawsuit towards your HOA can be very costly and messy. Having the correct insurance policy can help cover related to injuries and legal fees.
There is a difference between condo insurance and HOA insurance. While the latter protects the common area, condo insurance focuses on protecting your unit. Not every condo has the same amenities and common areas; therefore, there is no “one-size-fits-all” policy. Contact Prince Insurance to find what plan is best for you.