Discrimination: Protects the HOA in the event that a condo owner sues for discrimination.Employee dishonesty: Protects the HOA from liability if an employee steals from a resident.Worker's compensation: Protects the association if its employees are injured on the job.Directors and officer liability: Protects the HOA's board of directors if they are sued for actions they take on behalf of the association including breach of contract, violating HOA governing documents, and failing to buy enough insurance.Property damage in shared spaces: If common areas like a gym, pool, or lobby are damaged, your HOA master policy will pay for repairs.Here are some of the specific areas of coverage that an HOA master policy can provide, according to Iveljic: Typically, you are responsible for losses to the contents in your unit and accidents that occur within your unit. In addition, the master policy will cover expenses related to accidents or property damage in shared spaces. Since the HOA owns the building's exterior, its master policy will typically cover the repairs to your building's structure and foundation. In condos, you generally live in a unit adjacent to others. You are responsible for obtaining coverage for your house, personal property, liability, and reimbursement for living costs if your home becomes temporarily uninhabitable. If you live in a single-family home, HOA insurance will only cover common areas like parks or pools. You will need condo insurance to cover the interior of your unit and to pay for any legal expenses that result from an injury on your property. It will also pay for liability expenses and property damage that occurs in shared spaces. Unlike a single-family home HOA, your condo association's master policy will cover your building's structure and foundation. Condo HOA: A condo is a private dwelling in a building with other units.Your HOA's master policy will cover shared spaces like parks, sidewalks, and pools.
You pay the mortgage, property taxes, and insurance if you live in a single-family home HOA. Like homeowners outside of an HOA, you own the structure and the lot it is built on and are responsible for insuring them. Single-family homes HOA: These associations cover single-family homes that are part of a community, typically in a planned development.
Community members pay fees to the HOA that cover things such as insurance, property maintenance, and repairs. Residents elect the board members from among their neighbors. What is an HOA?Īn HOA is an organization run by a board of individuals who oversee a residential community. In this case, your HOA would have to request a special assessment, which means higher fees from you to rebuild HOA funds, according to. Rep."For instance, if an earthquake hits and causes damage to the condo building, the HOA's master policy should have coverage for property damage that will pay for repairs to the building," says Iveljic.Ī lawsuit can considerably deplete your HOA's cash reserves. His words ring true today "the struggle is never over". John Lewis attended the 25th anniversary of Stop the Road. John Lewis was on the Atlanta City Council at this time and he and many others including Mayor Maynard Jackson joined in the fight with neighbors.Ĭ.A.U.T.I.O.N., Citizens Against Unnecessary Throughways in Older Neighborhoods, was formed as well as Roadbusters to stop the road. Together they waged legal battles, lobbied state and federal lawmakers, protested and elected 67 anti-road politicians to local, state and federal office. It was a 20-year battle waged by resident volunteers. In the face of such formidable opposition the neighborhoods sustained years of legal action in courts all the way to the Georgia Supreme Court. The Expressway was supported by former US President Jimmy Carter, Atlanta Mayor Andy Young, a majority of the Atlanta City Council and DeKalb County CEO Manuel Maloof. Inman Park and other intown neighbors joined forces in the 1970's to fight an expressway that would have destroyed historic intown neighborhoods. A four-lane expressway with 5 bridges over neighborhood streets was planned for construction by the Georgia DOT, through the 219 acres we now know as Freedom Park.