Homeowners associations are obligated to have an insurance policy which takes care of every common area of a community. Individual property owners should their individual units.
Homeowners association Master Insurance Policy
Several Homeowners associations carry what’s referred to as a “master policy.” This particular policy usually encompasses the residential buildings shared by every resident, for instance roofs, stairs, and elevators. The homeowner docs should tell you what the Homeowners association insures exactly.
You’ll should confirm that the Homeowners association covers every little thing it’s expected to cover. In case anything is excluded from the insurance policy, your financial investment could be in danger.