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If you own a home in a gated community or just purchased a newly built house in the Little Falls, MN area, you may pay monthly homeowners association fees. What does this mean for your home insurance from Hanneken Insurance Agency Inc.? It means you need to know exactly where your property ends and where the HOA begins.
Common Areas Fall Under the HOA
If your HOA mows your yard, shovels the sidewalk, and keeps the pool clean and maintained, then liability and property insurance for those areas will be carried by the HOA. The HOA may actually own the streets, common parking lots, playgrounds, and even drainage systems. If you live in a duplex, double garage doors could even be included in the fees.
If You Maintain It, You Insure It
If your contract with the HOA states that you must maintain the landscaping and exterior appearance of your home, then these areas should be included on your homeowner’s insurance policy. Your HOA may only own the access roads around the development, but you fully own the lot. Make sure to discuss all the steps, decks, sheds, and other exterior items you are responsible for with your agent to ensure the policy is written correctly.
Ask for Clarification Before Repairing Anything
Should the property around your home get damaged in a storm, from vandalism, or poor construction, before you hire a contractor to fix it and file a claim on your policy from Hanneken Insurance Agency Inc. make sure to check with the office? If you make changes to an area owned by the HOA, you could end up paying to have the work done again according to their specifications. If you have questions about your Little Falls, MN HOA and your home insurance, give your local agent a call today.