Homeowners Association (HOA) Insurance
Insurance coverage purchased by a homeowners association to protect common areas, shared structures, and liability risks in a community.
Detailed Explanation
HOA insurance typically covers common elements like lobbies, pools, roofs in condominiums, and shared walls. Individual unit owners still need their own policies (HO-6 for condos) to cover their personal property and unit interiors.
Practical Example
When a severe storm damaged the roof and common hallway in Alex's condominium building, the repairs were covered by the HOA's master insurance policy, while damage to his personal belongings and interior walls required coverage from his individual condo policy.
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