Definition
Insurance purchased by the HOA covering common areas, building structures, and liability for injuries in shared spaces. Individual owners must also carry homeowner's insurance for personal property.
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HOA master policies typically cover building structure, common elements, and liability for injuries in common areas. Individual owners must purchase homeowner's insurance for personal property and personal liability. HOA insurance costs are significant components of budgets. Adequate insurance is essential for financial stability.
Pro Tip
Review the HOA master policy before buying. Ensure coverage is adequate—inadequate policies leave owners vulnerable to special assessments.
Example
An HOA purchases property insurance covering building structure and liability for $15,000 annually, split among 100 members