Homeowner's Association
In South Florida alone, there are almost 13,000 condominium projects covering over three million units. If you and/or your family live in a condominium or a town home, chances are you have a homeowner’s association (HOA). You may also have an HOA, if you live in a gated community or a newer subdivision in a single-family swelling. It is extremely important for homeowners in these communities to know exactly what their HOA insurance covers and what it doesn’t. It may be necessary to have a separate and individual property insurance on top of the HOA, to make sure you are 100% covered in case of any damages or losses.
Townhome and Condo Owners
In most cases, for multi-home communities, the HOA will cover damages done to the exterior structures of each building. This covers windows, sliding glass doors, roofs and gutters. The HOA also normally covers any common areas. Common areas may include parking lots, railings, lobbies, elevators, swimming pools, tennis/basketball courts, landscaping, and lighting structures. The HOA costs are split amongst all the community members.
Protecting Your Home
HOA claims normally end where the interior structure of the building begins, or in other words, your home. The homeowner is responsible for their home’s drywall, plumbing, flooring, insulation, ceiling structures, and personal items. Most homeowners in condos or townhomes have their own insurances, which are referred to as HO6 insurance policies. It is vital to have an HO6, as well as the HOA to protect your home.
Hiring a Public Adjuster
Now, let’s talk about when the lines between an HOA and HO6 get blurred. Let’s say that you have a neighbor living directly above you. Let’s say that your neighbor has a broken pipe underneath his or her bathroom floor, which is causing a leak. The leak goes unnoticed, and expands to the floor underneath. Now, your apartment has water damage seeping through the walls, damaging cabinetry and personal items. Who covers this type of claim, the HOA or your personal insurance? This is where a public adjuster comes in. A public adjuster is an expert in handling these types of situations and making those blurry lines a little more clear. Public adjusters are well versed in HOA and HO6 policies, and will be able to ensure that you and your home are covered no matter what.
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