HOA insurance guide for North Carolina homeowners

What does an HOA master policy typically cover in NC?

HOA master policies generally cover common areas, exterior building structures (roof, siding, foundation in condo associations), shared amenities (pools, clubhouses, parking areas), and the HOA's own liability. The exact scope varies significantly by association, review the HOA's declarations documents.

What does my individual homeowner's or condo policy cover that the HOA doesn't?

Your individual policy covers the interior of your unit (walls-in coverage), personal property, personal liability, additional living expenses, and improvements you've made. In a planned community (not a condo), you typically own the full structure and the HOA only covers common areas.

What is walls-in coverage in a condo policy?

Walls-in coverage (also called HO-6 condo insurance) covers everything from the interior walls inward, interior finishes, flooring, cabinets, fixtures, appliances, and personal property. The HOA's master policy covers the exterior structure. Walls-in closes the gap between them.

What is loss assessment coverage in an HOA community?

Loss assessment coverage protects you if the HOA levies a special assessment against unit owners to cover a large uninsured loss to common areas, for example, a liability judgment that exceeds the HOA's master policy limit. It's an inexpensive but important add-on for condo and HOA community owners.