Does the master insurance policy of the HOA cover damages

Q. I own a condominium that has suffered water damage. Does the master insurance policy of the homeowner’s association cover damages to my unit?

A. The short answer to this question is NOT ALWAYS. It has been our experience that the master policy coverage is determined on a case by case basis based on the CC&Rs of the HOA. Additionally, HOAs often carry insurance deductibles in excess of $10,000-$25,000. Please inform yourself whether your HOAs insurance policy covers your unit and what the deductible is so you and make an educated decision. It is vitally important that you purchase homeowner’s insurance for your unit regardless of whether it is required or not by your mortgage company so that you have control when disaster strikes. Please call our office today at 888-373-9243 for additional information and referrals to qualified insurance professionals.