The HOA, or Homeowners’ Association, is often a small governing body responsible for managing a building or several buildings within a community. They oversee various aspects of the property and often have several responsibilities, including maintaining a condo insurance policy in Overland Park, KS.
Master Policy
The governing body of shared buildings typically maintains a master policy. This policy helps cover damage to shared structural components, such as the roof, and amenities, such as tennis courts. These areas are not the responsibility of individual residents.
How Does the Master Policy Work?
HighPointe Insurance Services LLC often works with associations and property owners to explain how these policies function. Similar to other insurance policies, if damage is caused by a covered peril, the policyholder must pay the deductible. Afterward, the policy will cover the cost of damages.
Master policies do not cover items typically included in a resident’s individual insurance policy, such as personal property. Instead, they are designed to cover shared areas. For example, while a resident’s appliances damaged during a weather-related event would not be covered, the policy would cover damage to a shared playground caused by a covered peril.
It’s Not Always the HOA
While many people assume the HOA always maintains the master policy, this is not always the case. Some buildings have an HOA that oversees certain regulations, such as lawn maintenance, but the building owner may be responsible for maintaining the master policy. It’s important to ask the building’s regulatory body for specifics on how your building’s condo insurance works.
At HighPointe Insurance Services LLC, we understand the importance of learning how different policies work together. Our knowledgeable agents are here to explain all the details to you. Contact us today to learn more. We proudly serve the Overland Park, KS area.
