By William Bronchick, Real Estate Mentor- Real Estate Investing Programs
Keep in mind that your insurance on a condo that is pulled through the HOA dues does NOT cover your interior or liability. This is true whether this is your personal property or you are into real estate investing. So, for example, if your hot water heater breaks and leaks into the neighbor, your HOA insurance will NOT cover it! You need a separate policy to cover the interior and for liability issues like fires or floods. Don’t learn this one the hard way, as I did years ago! Be sure to contact your HOA to see what actually IS covered and then an insurance broker that is knowledgable in property insurances.