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Do HOA fees increase?
I’m in the market for a condo in New York and some of the HOA fees are pretty steep. I can pay $700 a month, but I don’t think I can handle more than that. Do HOA fees increase?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I hear you—no one wants surprise increases in their bills! The fact is, HOA fees increase along with the budget allocated for its various responsibilities. As landscaping fees, contractor fees, and insurance fees increase, your HOA fees increase too.
When it comes to your homeowners association (HOA), an annual budget is allocated for upkeep, repairs, and more depending on your community’s needs. Your HOA fees pay for this.
Expenses may include:
- Operations and maintenance
- Paying the bills for recreational facilities
- Maintaining a parking lot
- HOA Insurance
You can always request an overview of what’s included and request that the HOA reevaluate or renegotiate existing contracts. Just keep in mind that your HOA has to keep up with the costs of inflation. As maintenance fees increase, your fees will likely increase too. However, your state laws might regulate assessment amounts and fee increases.
In any case, even if you can’t save money on your HOA fees, you might be able to save on your homeowners insurance with 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.After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel 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.
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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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