If you’re already paying money toward a homeowners association, you might wonder why you need to add on even more monthly fees. Many homeowners believe their HOA will cover them in the event of loss, damage, or other situations normally handled by insurance. Though some HOAs have limited insurance coverage, there are many reasons why an additional homeowners insurance policy may be necessary even if you are paying HOA fees.
What Does the Fine Print of the HOA Say?
It’s important to know what your HOA actually covers, as there might not be any provisions for protecting your home. Many HOAs function less to help homeowners and more to protect the exteriors of buildings and keep a unified look in a neighborhood. Always be aware of the coverage you already have as well as what kind of coverage you are lacking.
Would a Homeowners Insurance Policy Cover More Than the HOA?
Your HOA agreement covers many things, but it is unlikely it covers the interior of your home. Losses sustained due to fire, theft, or fraud will not be covered by your HOA. Only a good home insurance policy will allow you to keep the value of your possessions protected.
How Are Natural Disasters Handled?
A San Diego homeowners insurance policy may contain riders for dealing with issues like floods or earthquakes. Your HOA, however, is not likely to help you with such problems. Good coverage requires having a dedicated policy that is prepared for the unexpected.
Is There Protection on Your Side?
Ultimately, your HOA dues exist to protect your neighborhood and the HOA itself. If you find yourself on the wrong side of the HOA, you may be out of luck. For instance, if a decision made by the HOA has caused damage to your home, you’ll have difficulty getting coverage. If you want to make sure you have protection strictly on your side, you’ll need the help of a neutral insurance company like Tri-Star Insurance San Diego.
The better your home insurance policy is, the greater peace of mind you and your family can have. For more information on affordable homeowners insurance, or for car insurance quotes San Diego residents will appreciate, call the insurance experts at American Tri-Star at 619-272-2100. One of our friendly representatives would be happy to assist you.