HOA, do they insure or not? (fees, insurance, condominiums, townhouse)

[rexgolf]

impossible to get answers from HOA's. some insure the buildings, some dont. it makes big diff. in homeowners ins. premiums. anybody know the secret?

[cully]

So when you say some insure the buildings and some don't....are those not your answers?

Do you mean are they inconsistent? Can be from one HOA to another. They have their own arrangements with insurance companies and what they mgt and homeowners want to accomplish.

When you say 'buildings', I wonder if you are talking about condo buildings. In that case, a general rule of thumb is you personally own and insure from the inside wall in. The condo association generally takes care of the outside.

I know of fee simple townhouses that for some reason on some, not all, levels act as condos. As far as insurance, they are covered from the outside wall out. HOWever, only over $5,000 of damage. So, not a several thousand dollar deck mangled in a storm, but, yes, if the roof or siding comes off over that amount.

So they can be generally different and each have their own peculiarities. There could be a still general but a bit more specific custom in your area. See if you can find a realtor who's been around a while and knows some of these things.

Also, be sure to read the declaration, covenenants, restrictions, bylaws, financial info and a few months of meeting minutes before you decide whether the place suits you. Realize in addition to HOA fees, there can be occasional special assessments. You could even review the reserve study where you could learn how old the roof, siding, gazebo, whatever are and see how much is in reserves to cover this and know whether a special assessment will have to come up soon.

[RoadWarrior12]

Originally Posted by rexgolf

impossible to get answers from HOA's. some insure the buildings, some dont. it makes big diff. in homeowners ins. premiums. anybody know the secret?

As pointed out above, much if it depends on how the community is established (Condo, Co-op, Townhome, SFH, etc.)

Generally, Condos will either insure or self-insure the exterior, with the resident responsible for "studs-in" or HO-6 coverage.

[bbronston]

It looks like you may be confusing condominiums and condominium associations with homeowner associations. They are different things. Not all condo associations and condominiums work the same but they are fundamentally different from HOAs.

[EngGirl]

The secret is simple - single family homes are not insured by HOA, and townhouses and condos are - for exterior only, but it might be different from community to community

[cully]

But single family homes, fee simple townhomes and condo townhomes and condo apartment homes can all exist in one master HOA.