Just because you “insist they find coverage at a reasonable cost” doesn’t mean it’s available in the market. If the by-laws require coverage and the only coverage that can be purchased is at an “unreasonable cost”; dues will go up considerably to cover it.Read the HOA docs and see if the Board is required to secure insurance. Contact the board and insist they secure coverage at reasonable cost, starting with a local independent agent to get quotes from multiple insurers.Hi there new forum member
I recently bought my first home, a condo, in California
While attending the HOA meeting, I learned that the HOA insurance is not being renewed. A call to the insurance agent resulted in the advice that the HOA anticipate 5x the premium in cost for the next insurer.
Ultimately, what fallout will this have for me if we can not be insured one day.
And, what can I do to be prepared?
Would I ever be able to sell if there's no insurance over the HOA? TIA All information is appreciated
If the condo doesn't have insurance it could cause your mortgage holder to either buy insurance and pass the cost on to you or cancel your mortgage. Read your mortgage contract.
Selling a unit could be problematic if people can't get mortgages and/or don't like the risk of an uninsured unit or the high cost to them once it is insured. By problematic, I mean values could fall.
Statistics: Posted by London — Thu Dec 05, 2024 6:31 am