It’s a great idea to review insurance policies occasionally. If you’re considering changing your HOA homeowners insurance you’ll want to keep in mind what kind of coverage you need.
For most types of HOAs where there are shared walls and common spaces, you will need to understand how the HOAs master insurance affects your property.
Walls-in (Studs-in) This is the policy you, as the property owner, need to be the most concerned about. Just as the name states, this kind of homeowners policy covers what is inside your owned space. Things like the carpets, cabinetry, walls all fall under a walls-in policy.
Walls-out (Studs-out) Most of the time the HOAs master policy will cover damages that could occur to outside your owned space. This would include the roof, probably the windows, fencing, carpet in the hallway of a condo complex etc.
However, it is very important to understand who is covering what when you’re searching for a new homeowners policy. Not all HOA insurance is the same. Knowing the finer details of your the association’s policy and your homeowners policy could save you money and headaches in the future.