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Old Today, 11:03 AM
 
Location: Henderson, NV
1,033 posts, read 783,795 times
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Quote:
Originally Posted by phcondo View Post
I think there is insurance to cover certain lawsuits, but once claimed, insurance premium for HOA may increase, hence, the monthly HOA fees also increases. Also the insurance might not cover the full settlement so the remainder would fall on unit owners
This^^

And just like any insurance risk, finding an insurer willing to issue a general liability policy based on past judgments gets high risk pricing--not a small bump in premium, but likely a 100-200% above normal risks policies.

Because this does happen:

https://www.fox5vegas.com/news/valle...5ac17bd4b.html

The history of litigation is important to know. Settled stuff is baked into the balance sheet, but pending litigation, in my opinion, is a reason to look elsewhere--why risk being party to an unknown outcome?
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