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What does HOA stand for?
I’m interested in purchasing a condo and there’s constant references to HOA fees. It might be a silly question, but I’m new to this! What does HOA stand for?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s not a silly question at all! HOA stands for homeowners association. It’s an organization established by property developers or community members to maintain a community’s standard of living, including the upkeep of common amenities.
An HOA allocates an annual budget for upkeep, repairs, and other expenses based on the needs of your community or condominium. These responsibilities are included in the HOA fees for your benefit.
The additional fee you pay each month often includes:
- Operations and maintenance
- Landscaping
- Trash pickup
- Security
- Recreational facility expenses
- Parking lot upkeep
- HOA Insurance
Before you buy a property in an HOA community, make sure that any prospective HOA fees are factored into your overall monthly costs. It’s also important to note that HOAs have restrictions and rules that you must adhere to, so make sure they fit your lifestyle.
Since you’re interested in purchasing a condo, you should also consider purchasing
homeowners insurance
to protect your home. To get the best deal, you should use insurance broker Jerry.Jerry
is the easiest and most effective way to find a home or renters insurance policy that is customized for you. You can even bundle your policy with your car insurance for the most savings.Jerry will handle the phone calls, paperwork, and renewals for your top option so you don’t have to. They’ll even assist you in canceling your old policy.
MORE: [What does an HOA insurance policy cover] (
https://getjerry.com/advice/what-does-an-hoa-insurance-policy-cover-by-elan-mcafee
)View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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