HOA insurance typically protects home owners for liability or hazard losses in common areas, but not any personal injuries, negligence or hazard losses inside condominium units. Should the condo project, or building, suffer hazard losses, HOA insurance does not cover damage to the interior of condo units. HOA Master Policy Examination Home owners must examine their HOA master insurance policy before buying their personal coverage. Never assume that HOA insurance protects all issues outside of your unit and common areas. The HOA can purchase coverage that it believes sufficient, but not necessarily cover some important hazards.