Q & A: Why do I need homeowners insurance if I'm paying for HOA insurance?

Team Marble
|
July 15, 2021

Q: Why do I need homeowners insurance if I'm paying for HOA insurance?

The Marble Answer: 

Congratulations, you’ve just bought a condo, and with it, you’ve gained entry into a Homeowners Association. Alongside your mortgage, you’re now responsible for a monthly membership fee that helps to cover your new community’s shared property. This could look like the pool, shared gardens, maybe even a fitness center (aren’t you fancy!) — all the amenities that attracted you in the first place. 

Because part of this membership fee goes towards protecting your condo, you may be wondering what HOA insurance covers that your homeowners policy does not, and why you even need both. So here’s the deal:

If homeowners insurance covers an individual dwelling, an HOA policy protects the wider common property, like shared roofs or stairways. For example, HOA insurance kicks in if the roof needs insured repairs.

In addition to maintenance, HOA policies offer liability coverage in case someone gets injured in one of these shared spaces. So if your skateboarder pal does a 180 into the gate of your communal pool (not rad!), the HOA would protect you from any lawsuit he might bring. 

If you live in a condominium or multi-unit building, the HOA will also cover shared internal spaces. That said, like all insurance policies, an HOA isn’t infallible. In the case that your personal property is stolen from one of these common areas, for instance, an HOA won’t provide compensation. This is why it’s vital to also have a homeowners policy in place.

The moral of the story is simple: while an HOA may supplement a homeowners policy, the two work in tandem, and you’ll need both to ensure that you’re fully protected. 

And to help you keep track of your various insurance policies — from homeowners to auto to pet — we’ve built a one-hub, digital wallet that helps you stay organized and in control. Get started by setting up your Marble account today.


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