Homeowners are facing increasing insurance premiums attributed to climate disasters, compounded by rising HOA fees. A significant percentage of listings now include HOA fees, which can add considerable financial strain, especially for those purchasing condos or townhouses. The lack of insurance for common property poses further risks, as homeowners may incur hefty costs from disaster damages without adequate coverage. An HOA master insurance policy acts as a safeguard for shared spaces, benefiting homeowners indirectly by covering potential liabilities.
With a down payment and closing costs up front, and then principal, interest, taxes, and insurance every month after that, purchasing a home is already a financially daunting task, before adding in the rising cost of HOA dues.
An HOA master insurance policy acts as a protective umbrella for the shared spaces and liabilities within a homeowners' association community, covering common property and amenities.
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