What kind of an insurance do I need get for my TownHome?

[prashanthchou]

I have recently brought a townhome and closed it last month. During the closing the lender was ok with the insurance what my home owners association had and did not ask one on my name.

I live in Schaumburg IL 60193, property purchase price $225K

I just got the copy of insurance what my HOA(home owners association) have and here is what it says, suggest me as what insurance should i be getting for myself ( within the property)- or does my HOA cover that as well, let me know:

General Liability
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Each occurrence : 1,000,000
fire damage : 300,000
medical expense: : 5,000
personal & adv injury 1,000,000
general aggregate: 2,000,000
products-comp/op agg: 2,000,000


Automobile Liability:
==============
Combined single limit
Bodily injury(person)
bodily injury(accident)
property damage(per incident)

There are no numbers in this column ( not sure that means no coverage)


Garaga Liability:
===========
Any Auto Auto only(accident)
other than auto only each accident aggregate
There are no numbers in this column ( not sure that means no coverage)


Excess Liability:
============
Each Occurence: 15,000,000
Aggregate: 15,000,000


Other Coverages:
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Building $41,015,333 RC $2,500 Ded.
D&O Liability $1,000,000 D&O
Fidelity: $500,000 Limit



Its a townhome and may be legal description might be condos as well 1-4 units are attached in a building. Let me know as what insurance i need to take for my property.

[ecmst12]

You should get the same insurance as you would if there were no HOA and no HOA insurance. That insurance doesn't protect YOU, it protects the HOA. You should cover yourself as if it did not exist.

[moburkes]

Yes, so if you are responsible for damage to your outside walls, then get an HO3 or HO5 policy (HO5 is better, HO3 is standard). If you are ONLY responsible for your inside walls, get an HO6 (condo) policy. If you're getting an HO6, then get "extra" Coverage A, say around $15k.