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Old 10-13-2016, 04:21 PM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,499,710 times
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If you live in a condo or a HOA....

Your condo/HOA may have storm related damage that isn't covered by reserves. And you may have a "loss assessment". Don't make any settlement with your HO insurance company until you find out whether you will have an assessment. And - if so - how much. And on account of what. Some assessments are covered - some aren't. Robyn
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Old 10-19-2016, 01:39 PM
 
633 posts, read 582,074 times
Reputation: 715
Quote:
Originally Posted by Robyn55 View Post
If you live in a condo or a HOA....

Your condo/HOA may have storm related damage that isn't covered by reserves. And you may have a "loss assessment". Don't make any settlement with your HO insurance company until you find out whether you will have an assessment. And - if so - how much. And on account of what. Some assessments are covered - some aren't. Robyn
Some individual condo policies have assessment insurance if you paid for it. Most folks don't seem to get that coverage even though cheap and most folks will do it.

And reserves are reserves, some complexes with reserves may not use them for storm damage. After all that is not what they reserved for.

Also my condo complex when we were damaged we used 100% of the insurance proceeds, we even argued for more and when done we were done. Our by-laws stated we will spend up 100% of the insurance damage proceeds towards repairs.

we did not touch our reserves. Smart thing cause owners flood policies, fema payouts, grants is how most folks fixed units.
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