Ohio HOA Insurance

Understanding the nuances of Homeowners Association (HOA) insurance can be quite a task, especially when you're in Ohio. The Buckeye State has its own set of rules and regulations that govern HOAs and their insurance policies. This comprehensive guide will help you navigate the complexities of HOA insurance in Ohio, ensuring you're well-informed and prepared.

Before delving into the specifics of Ohio's HOA insurance, it's crucial to understand what HOA insurance is. Essentially, it's a type of insurance policy that covers common areas in a condominium or housing development. These areas may include shared spaces like hallways, roofs, swimming pools, and more.

HOA insurance is also referred to as 'Master Policy' because it covers areas beyond the individual units. It's important to note that while HOA insurance provides coverage for common areas, it does not cover the personal belongings of homeowners or their individual units.

The Types of HOA Insurance

There are primarily three types of HOA insurance policies: Bare Walls-In, Single Entity, and All-In. The Bare Walls-In policy covers all real property from the exterior framing inward but does not include fixtures and installations within the individual units. The Single Entity policy, on the other hand, covers fixtures in each individual unit as they were originally installed.

The All-In policy is the most comprehensive and covers improvements, additions, and alterations to individual units. However, it's important to note that the type of HOA insurance policy can vary from one association to another. Therefore, homeowners should carefully review their HOA's policy to understand what is covered.

Ohio has specific regulations that govern HOA insurance. According to Ohio law, an HOA is required to have a comprehensive policy that provides coverage for the entire project, including both common and limited common areas. The policy should also cover public liability for property damage and personal injury.

Additionally, the Ohio Condominium Act stipulates that the HOA's insurance policy should provide coverage for fixtures within individual units, as they were originally installed. This means that any improvements or alterations made by homeowners may not be covered by the HOA's insurance policy.

Understanding the Ohio Condominium Act

The Ohio Condominium Act is a crucial piece of legislation that every condo owner in Ohio should be aware of. It outlines the responsibilities of both the HOA and individual unit owners when it comes to insurance. According to the Act, while the HOA is responsible for insuring common and limited common areas, individual unit owners are responsible for insuring their personal property and any improvements they've made to their units.

The Act also stipulates that in the event of a loss, the HOA's insurance policy is primary. This means that the HOA's policy will pay out first, and any additional costs will be covered by the individual unit owner's insurance policy. This is an important point to note as it can have significant financial implications for homeowners.