Does Your HOA Already Insure Your Condo’s Structure?

Your condominium’s structure may already be insured under an HOA master insurance policy. If you add Building coverage without reviewing that policy first, you could end up duplicating coverage or overinsuring the same portion of your property.

This will help you determine the best option for your individual condo insurance. Whether you select the Building coverage at the Commercial Value, Full Reconstruction Value, or First Risk Value.

Contact your HOA administration to confirm what the master policy covers and identify any gaps that may require an individual condo policy.

Ask the following questions:

1. Is there an active HOA master insurance policy that protects the condominium complex in the event of a total loss?
2. Does the master policy cover structural damage inside my unit, or only the building exterior and common areas?
3. Would my unit be rebuilt to its original developer-delivered condition, or only to an unfinished shell?
4. What insured values, coverage limits, and deductibles apply under the HOA master policy?
5. When was the property last appraised, and were the insured values updated to reflect the current full reconstruction cost?
6. If my unit is damaged in a major covered loss, how would the HOA master policy respond, and what portion of the deductible would I be responsible for?

Whenever possible, request a copy or summary of the HOA master insurance policy before selecting Building coverage. Novamar can help you review the information and determine what additional protection your condo may need.

If you need personal guidance, don't hesitate to get in touch with us at home@novamar.net