Is there such a thing as combined homeowners insurance for our community? Where can I go for info?
We are trying to find a way to pay for insurance for our townhomes in a community of 75 townhomes…….We are thinking that it might be cheaper????????
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One Response to “Is there such a thing as combined homeowners insurance for our community? Where can I go for info?”
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In my area, it is common that a condo project has an HOA that maintains a master policy that insures the buildings & the common areas for loss & liability. The individual owners then obtain their own policy that covers the interior of their unit & their personal posessions.
Of course a portion of each unit owners HOA dues pay for the master policy.
Not sure of your area. Here’s one site. It they don’t service your area, perhaps they could refer you to an affiliate that does: http://www.bblinsurance.com/condominium/index.html
It would not be possible to obtain a “master policy” for the benefit of each unit owner’s interior & personal possessions, as it may be inadequate for one or more owners. Some people have nice furniture or antiques, others may not. Some may have expensive jewelry & others not.