Homeowners Association and HOA Fees
HOA, also known as Homeowners Association, is an organization typically founded and put in place by a real estate developer in order to manage a community of houses, condominiums or townhouses. HOA fees are expenses paid monthly by owners to cover the costs of maintaining the building’s common areas.
What You Need to Know about HOA Fees?
- HOA fees can change. Make sure to ask the HOA for their fee history.
- HOA fees don’t cover everything. Read the policy carefully.
- HOA fees won’t cover your personal property. So you still need homeowners insurance.
If you want more detailed information regarding HOAs, you can check out Insuring Your Home In An HOA Community.
If you need home insurance quotes to compare, or more home related information, please go to EINSURANCE.com before you make your final decisions.