When you buy a home, your lender will require you to have home insurance. This protects their investment in your home in case of a damaging event or other problem. But, will your Homeowners Association (HOA) require it as well? Some people who have paid off their homes think about not having insurance, but this is not advisable. Regardless of the circumstances, you need home insurance. Contact us at Com-Co Insurance Agency Inc. in Mount Prospect, IL to get your home insured.

Does Your HOA Require Home Insurance?

When you purchase a home in an area with a homeowners’ association or HOA, you must sign the covenants that come with the HOA’s authority. Neighborhoods increasingly have these associations that are used to ensure that the neighborhood is clean and the property values are protected. If you have an HOA, it almost certainly requires you to have home insurance. Virtually all HOAs have this requirement for the good of the neighborhood.

Why HOAs Are Interested in Your Home Insurance

If you don’t have home insurance, a damaging event could happen to your home, such as a calamity or a disaster. Without insurance, you may not be able to pay for this damage to be repaired. This would leave an unsightly home that degrades and brings down the property values of the other houses in the neighborhood. Since HOAs are there to keep property values high, they won’t allow this to happen. They could hit you with fines and even force you to move if you don’t have insurance.

Get Home Insurance in Mount Prospect

If you don’t have a home insurance policy yet, we’re here to helpContactct us at Com-Co Insurance AgencInc.nc in Mount Prospect, , to get started on a policy that meets your needsIL.