Is HOA master insurance enough when buying condos with LLC?

[Nick Schiltz]

If your buying multiple condos in a HOA, is the HAO insurance enough if you require tenants to get renters insurance too or what?

[John Mocker]

Nick,

No, the Condo Association master policy and your tentants Renters Policy are not enough. You should get coverage for the units under the LLC to cover:

1, The LLC's Liability if someone is injured in the unit (legal costs and judgement if any)

2. Improvements & Betterments for the parts of the building that you own.  Examine the Condo Bylaws and Declarations.  They should provide you with an idea of what parts you own (ie. sheet rock, carpets, cabinets, fixtures, etc.)

3. Personal Injury Liability (libel, slander, wrongful entry, etc.)

4. Contents, if you supply any appliances or furnishings

5. Loss Assessment.  Protects you for assessments by the association due to certain types of losses

Hope this info helps