Do I Need Additional Insurance?

HOMEOWNERS ASSOCIATION (HOA) Coverage

Every homeowner's association has different rules and insurance coverage, so it's always best to check with them on the extent of insurance coverage provided. Commonly with condominiums, and even townhomes, your association will cover the hazard insurance for the exterior of your dwelling. If this is the case, your personal property is most likely not covered by the association's policy. A Condo Owners policy, also known as an HO-6, will provide valuable coverage for the contents of your home, as well as the interior of the structure. Your lender may not require this coverage, but it is certainly an important, and inexpensive, one to consider.