Homeowners’ Association and Property Insurance

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Abora Julie SmileBy Julie A. Martin

When you live in a community governed by a Homeowners Association (HOA), you might feel like your options for homeowner’s insurance are limited. However, working with an independent insurance agent can help you find the right coverage that meets both your needs and the requirements of your HOA.

For instance, some townhomes are covered by a COA, Condo Association, and the Association assumes responsibility for the exterior walls and the roof of the buildings, so that the unit owners only require coverage for the inside of the dwellings, from the drywall in, as well as their personal property, liability, mold coverage, etc.

Homeowners Associations generally require their unit-owners to purchase insurance coverage that includes coverage for the exterior walls and the roof, in addition to coverage for liability and even flood insurance on that townhome.

An independent insurance agent is not tied to any specific insurance company. So, they can provide you with a range of options and help you choose the one that best suits your situation. They have the knowledge and experience to navigate the complex world of insurance policies and can help you understand the various types of coverage available. This is especially important when dealing with an HOA, which may have specific requirements for the insurance coverage you need.

An independent insurance agent can help you find the right policy that meets these requirements, while also ensuring that you have the appropriate level of coverage for your individual needs.

Furthermore, an independent insurance agent can help you identify potential gaps in your coverage that you may not have considered. For instance, if you have valuable jewelry or art, you may need additional coverage beyond the standard policy. An independent insurance agent can help you identify these gaps and recommend coverage options that meet your needs.

In the case of jewelry or fine arts and other related types of valuable personal property, the property itself is more likely to be lost through theft or mysterious disappearance than any other type of peril. There are 12 categories of personal property that require appraisals for full coverage in the event of theft, breakage, or mysterious disappearance.
Carriers require a current appraisal, usually within the last 36 months, along with a picture of the item or set, and a full description. Additionally, they may require the type of location of the item such as in your home or in a bank vault, and rate at least partially based on the location given.

Working with an independent insurance agent also provides the added benefit of having a personal relationship with your agent. You can build a relationship of trust and confidence with your agent, who can provide ongoing support and guidance throughout the life of your policy. They can help you navigate the claims process and make sure that you receive the coverage you need when you need it most.

Finally, working with an independent insurance agent can save you time and money. They can help you compare policies from different insurance companies and find the best coverage at the most competitive price. They can also help you identify discounts and other cost-saving opportunities that you may not be aware of.

In conclusion, when you live in an HOA-governed community, it is important to work with an independent insurance agent to find the right homeowner’s insurance policy that meets both your needs and the requirements of your HOA.

An independent insurance agent can provide you with a range of options, help you identify potential gaps in your coverage, build a personal relationship with you, and save you time and money. Don’t leave the protection of your home and personal belongings to chance — work with an independent insurance agent to ensure that you have the right coverage for your needs.

At Abora Insurance, we know that life is complicated, but insurance doesn’t have to be.