Town House Insurance - HOA Insurance Updates

Ensuring Homeowner's Compliance: A Reminder from Your HOA

As the winds of another season shift and the specter of hurricanes looms on the horizon, it's essential to address a crucial matter that concerns every homeowner: Insurance coverage.

The covenants and contracts set forth by your Homeowners' Association (HOA), may require for all residents to maintain comprehensive coverage for their properties. This may include not only the land and building but also all associated property. The relevant section of HOA covenant/contract may read, homeowners are obligated to secure full dwelling coverage (HO-3), rather than relying solely on Condo coverage (HO-6), which may fall short of the necessary protection.

Moreover, it's vital to note that the HOA does not assume any responsibility for insuring or maintaining individual roofs, exteriors, or property. Each homeowner bears the sole responsibility for all repairs, maintenance, and insurance related to these aspects, as stipulated by the terms of your HOA contract.

Specifics regarding shared roofing

For those curious about the specifics regarding shared roofing, pertinent information can be found in the HOA documentation. However, it's crucial to reiterate that while the HOA sets aside reserves for anticipated major expenses, such as a 20-year roof replacement cycle and a 7-year repainting schedule to maintain aesthetic consistency, all other repairs and upkeep remain the financial responsibility of each homeowner.

Hurricane Season

With hurricane season fast approaching, now is the time to ensure that your insurance coverage aligns with the requirements outlined by the HOA. Comprehensive coverage not only protects your investment but also safeguards against potential financial burdens in the event of storm damage or other unforeseen circumstances.

In Summary

A POA is a Property Owner's Association An HOA is a Home Owner's Association / The overall goal of an HOA is to set and manage certain standards for the residential community which is important to a home's resale value. A COA is a Condominium Owner's Association / COA fees not only cover common areas but the fees also cover building repairs and maintenance.