As a condo owner in Bloomsburg, PA, you are likely familiar with the monthly HOA fee. But what exactly does that fee cover? Read on to determine whether your HOA fee includes condo insurance.
What is an HOA Fee?
An HOA fee is a monthly charge that all condo owners must pay. This fee goes towards the upkeep of common areas and amenities and the salary of any on-site staff. In some cases, an HOA fee may also include insurance for the building itself. However, this is not always the case—and in most cases, it does not have insurance for individual units.
Do I Need Condo Insurance?
Yes, you should have condo insurance even if your HOA fee includes building insurance. This is because your HOA policy will only cover damage to common areas and the building itself, not your personal belongings or unit. So, if a fire in your building destroyed your unit, your HOA policy would not cover any damage.
Condo insurance from The Good Insurance Group LLC protects you from financial damage caused by fires, theft, vandalism, and weather damage. It also covers you if someone is injured while in your unit. Most importantly, it gives you peace of mind knowing that you and your belongings are protected in an emergency.
If you’re a condo owner in Bloomsburg, PA, it’s essential to know what your monthly HOA fee covers—and doesn’t cover. An HOA fee usually does not include insurance for individual units. That’s why it’s so essential to have condo insurance. Condo insurance protects you from financial damage caused by fires, theft, vandalism, and weather damage. It also covers you if someone is injured while in your unit.
Contact The Good Insurance Group LLC today for more information about condo insurance. We would be happy to answer any of your questions and help you find the right policy for your needs.