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If you own a condominium in Reno, NV then you probably think that your Homeowners’ Association master policy has you covered. Unfortunately, you would be completely wrong. The HOA master policy has the shared areas of your condo complex covered – like the sidewalks, pool, etc. – but not your personal belongings or anything that is used exclusively by you like sinks, furnishings, and/or flooring.
That is where personal condo insurance coverage comes in.
What HOA Master Policies Cover
Prior to the crash of the housing market in the early part of the twenty-first century, mortgage lenders did not require owners of condominiums to carry their own insurance if an HOA master policy is available. Since then, however, the amount of coverage an HOA policy provides has been deemed inadequate. The coverage provided by an HOA master policy addresses two basic items:
- The general liability of the association
- Property damage coverage for the shared areas
This is an extremely basic level of coverage that – as we previously stated – protects the community if something happens in the areas that are for everybody’s use. This includes the sidewalks, pool area, and any other area that is accessible to all homeowners.
What is HO6 Coverage?
The gaps left in your HOA master policy can be filled with HO6 home and contents insurance coverage. This insurance policy covers the homeowners’:
- Personal liability
- Master policy deductible coverage
- Private property coverage for the contents of your home
- Loss of use coverage
- Medical payment insurance
- Special assessment coverage
As with other homeowners’ insurance policies, there are perils that are excluded under the standard HO6 policy. These include damage from sewer backups, floods, and earthquakes. In addition, some areas also allow for hurricanes under covered perils. Coverage for additional perils – also known as “named perils” – must be purchased separately.
Hinman & Associates Insurance
Here at Hinman & Associates Insurance, we provide HO6 insurance for residents in the Reno NV area. We will help you determine exactly what kind of HOA master policy your association has and what level of HO6 coverage you will need.
Let us help you keep your possessions safe.