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Information On Condo Hoa Insurance
Did you know that not only should you have homeowners insurance
, but if you have a condo HOA (Homeowners Association), there is also some insurance coverage as part of your membership fees as well? Whether the condo buildings are new or HOA is thinking about checking other insurance quotes, there are plenty of insurance companies to do comparisons with to see what will be best for all residents in the community. Here is some information to get started in the right direction so that your board committee can alleviate any confusion with this type of insurance.First of all, it is always a good idea to do lots of research on many companies before jumping the gun and just picking one right off the bat. There are many ways to shop for insurance which include looking through the phone book, getting recommendations from other people or searching the Internet. Searching online may be a considerable option, giving you a chance to take your time by checking each website that the company has to offer. These companies should have a list of services that they offer and provide information about each service. Sometimes in order to get more information, they will have a free booklet that will be sent to you with detailed information. Also, you may be able to get a free quote from companies to give you an idea about costs for your residents.
This is a great way to get your price quote and information in a timely manner. Meanwhile, it will give you time to explore other companies as well for comparison. Before you make any decisions, make sure you study the HOA insurance policy thoroughly. It should include fire and hazard, general liability coverage and other coverage that may be important to have on the policy.
It is also a good idea to speak with the insurance agent about any other coverage that should be part of the plan such as earthquake, building ordinance or law. Of course, you would only need earthquake coverage if you live in a state where this unfortunate act of nature can and does happen. Building ordinance might be important to have if there is construction building changes due to zone or building laws. Also, you will need to discuss the premium with the agent.
After you have a good policy for the residents, you need to make sure that they understand that they still need to purchase Homeowners Insurance as Condo HOA insurance does not cover their personal belongings inside their home as well as other things.
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