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Homeowners’ association (HOA) insurance is a form of business property coverage that protects the outside of a condo building and any common areas that are part of the HOA. According to iPropertyManagement, the average monthly HOA fee for a single-family residence in the United States is approximately $250 with roughly 8,000 new HOAs formed annually.
Landlord insurance is a special type of coverage designed to protect anyone who chooses to provide one or multiple properties for rent. Such policies generally include liability coverage, which protects you in the event that a tenant or guest sustains an injury on the property. If someone slips on an icy entrance outside of a rental unit, they may file a personal injury claim. This policy also typically covers claims resulting from damage to a property, including incidents of theft and vandalism.
Some policies may also cover damage resulting from natural disasters (floods, earthquakes, etc.), although some insurance companies offer this as an add-on if such events are common in the area; however, damages resulting from acts of terrorism are not covered by landlord insurance. This type of insurance is not to be confused with homeowners’ insurance, which only shields your personal items within your covered property. It’s also different from renters’ insurance, which covers personal items within a rental property belonging to the inhabitant but not the building itself.
If you are a landlord, you may have purchased an insurance policy to protect yourself against certain basic risks and liabilities. However, you may have wondered at some point whether this type of policy is tax-deductible. Here is a close look at this subject.
Similar to homeowners, landlords need to protect themselves and their properties. The insurance policies that are specifically designed for landlords differ from those for homeowners. If you are a landlord ready to purchase or compare policies, you may have several questions about what is covered. Here are four things you may not know about landlord insurance:
Homeowners’ associations (HOAs) are the governing bodies that oversee residential communities which are typically subject to a certain set of rules that all members must abide by. HOAs can be composed of the residents of condos, apartment buildings, co-ops or other types of homes.
An HOA should carry insurance coverage to protect itself and its residents and guests from risks and liabilities related to management and/ or ownership of property, and in some states, or by other mandate, they may be required to carry a specific type of coverage. Because there are several types of policies that are beneficial to HOA’s, many opt for a “master policy” which provides those coverages under one policy. Insurance provides coverage for the communal areas for which the HOA is responsible, in situations of theft, vandalism or natural disasters. Most HOA insurance master policies include all or some of the following:
A homeowners’ association (HOA) is an organization that establishes rules and regulations by which members of a residential community must abide. Failure to adhere to these rules typically results in fines or other punishments. If a homeowner accumulates a certain amount of monetary penalties due to fines, the HOA could sue or potentially foreclose on the property.
Landlord insurance, as its name suggests, is a form of coverage that shields individuals who provide any type of property for rent, such as apartments or condos. This type of policy is different from a renter’s insurance or homeowner’s policy, and generally costs around 20% or 25% more than a homeowner’s policy, per the Insurance Information Institute.
The COVID-19 pandemic has significantly impacted millions of Americans in several ways. One of the most notable impacts has been the loss of employment, especially at the beginning of the pandemic, in March 2020.
Vehicles can sustain damages in a variety of ways, some of which are sometimes difficult to foresee; therefore, it is essential to be properly protected against certain basic risks. One of the most effective ways to do this is by acquiring physical damage insurance. Here is a close look at this form of specialty insurance coverage.
Unfortunately, auto accidents resulting in physical damage are just one of the many risks associated with operating a motor vehicle. According to Statista, there were approximately five million car accidents in the United States in 2018 that resulted in property damage.