Understanding Condo HOAs and How They Affect Insurance

Whether you are considering the purchase of your first condominium or exploring affordable coverage options, Alliance General Insurance Agency understands the needs of condo owners in Denver, CO, and surrounding communities. 

Coverage Considerations in Condos

  • You Must Insure Your Personal Possessions. There is never a "one-size-fits-all" approach when purchasing condo insurance. When selecting the best level of coverage, consider the value of your possessions as well as any improvements you have made within the unit.
  • Know the Boundary Between Your Property and What Is Controlled by the Homeowners Association (HOA). Generally, the HOA is responsible for managing and insuring "common elements" such as the roof, windows, foundation, and exterior walls. Other common elements may also be included. 
  • Inspect Your HOA Governing Documents and Learn What the HOA Covers. You want to know what is your responsibility and what needs to be covered or maintained by the HOA. Never think that something is covered by the HOA based upon rumor or assumption. Take the time to inspect a copy of any certificates of insurance paid for by the HOA. 

Helpful Resources

The state’s Department of Regulatory Agencies (DORA) offers important resources related to HOAs. DORA’s Division of Real Estate has an extensive portal of resources on its HOA Information and Resource center webpage. Also, DORA maintains a helpful page with links to local, state, and federal laws and ordinances related to HOAs.

Alliance General Insurance Agency offers insurance coverage for condos in Denver, CO and throughout the adjacent metropolitan area. In addition, we offer coverage for a variety of other areas, including automobile, classic car, commercial, home, life, motorcycle, and renter’s insurance, as well as umbrella and other specialty lines. Contact our agents today and learn about the coverage options available to you.