More and more new neighborhoods in the Gurnee, IL area are being built with a homeowners association (HOA) included with each new house. What does that mean for your home insurance needs? Statewide Insurance Solutions is here to answer some of the most common questions.
Do I Still Need Home Insurance when I Live in an HOA?
Your HOA will have an insurance policy that protects the common areas in the development like roads, sidewalks, and in some cases, parks and pools. Your house will still need a home insurance policy that covers the single-family building, your yard that you maintain, and driveways and walkways.
Which Policy Covers My Landscaping and Driveway?
In some cases, the HOA only sells the house–just like in a condominium complex. In these cases, the yard and possibly your driveway will be cleaned, repaired, and maintained by the association. If they do not maintain an area, it likely belongs to you and should be part of your insurance coverage.
Liability at the Neighborhood Playground
Community centers, pools, and parks most likely belong to the HOA. The liability coverage for medical expenses falls under the HOA policy. Your HOA fee may rise if the HOA has to pay out on a large settlement.
Does HOA Insurance take care of Roofs and Walls in a Duplex?
This depends on your individual HOA. Usually, a shared roof or wall will fall under an HOA insurance policy, but it may vary. Before buying the home, make sure you fully understand exactly where your responsibilities begin and end.
HOAs continue to grow in popularity around Gurnee, IL as it is a luxury to have somebody mow the lawn, plow the roads, and fix up the playground equipment. However, when it comes to understanding where your home insurance begins and ends, it is best to sit down with your agent at Statewide Insurance Solutions and review both policies.