Insurance and Hoa fees

[Antonio Suarez]

I have been looking around in the lms and have found that most hoa fees include insurance. My confusion is should an additional  insurance amount be taken into account when calculating expenses or the insurance provided by Hoa be sufficient? 

Thanks

[Jeff Bridges]

Master Policies for HOA/ Condo Associations usually cover up to the studs of your unit or general liability for injuries incurred in common areas of the property. Anything studs inward usually is covered by your personal homeowners policy/ or a landlord fire dwelling policy if you are renting. So if there was a fire for example in the building, the master policy might pay to rebuild everything up to the studs, but your policy would pay to rebuild to like quality for the interior components of your unit. This is always clarified in the master policy however and there could be something different. Ask for the copy of the master policy and hand that to your insurance agent and have him confirm you have adequate coverage. Don't rely on the mere fact that because the building has some insurance policy, that you are adequately covered. Its likely you will need to budget for a fire dwelling insurance policy on top of the condo fees.