What condo owners don’t realize

May 25, 2010 at 11:53 pm Leave a comment

written by Linda Aponte, Vice President, Flood Pro

How many times has our company, Flood Pro, seen a water damage situation that is not covered by the HOA. A neighbor may have caused the water damage and may offer to cover it with their insurance, but don’t count on that. If the insurance company denies the claim for the neighbor’s damage then they are left to pay the bill even though they didn’t create the problem.  This is one of those “Life is not always fair situations”. They sometimes will try and sue the neighbor but that can take time and doesn’t mean that they will win the lawsuit. So they are left out in the cold either with a bill that they cannot afford or refused service because they don’t want to be responsible for their unit. It is a sad situation for everyone.

Some HOA’s only cover certain items like drywall repair but not the paint. Others don’t cover upgrades like wood flooring, cabinetry, expensive carpeting and personal furniture. Each HOA has its own CCR’s that dictate whether the damage will be paid for or not.

The Condo owner must be informed so they can protect their own unit and personal items. Most owners assume that they pay for their insurance with their HOA dues. The HOA insurance only covers the outside and common areas that cause the damage so if it is caused by a leaky water heater, ice maker line or a tub running over, it may not be covered by the HOA or even the neighbor’s insurance. It only costs about $300 a year or $25 a month to buy coverage that can protect the owner from these possible problems.  If you are like most people, it would be hard to pay$1000-$20,000 Water Damage and Repair bill maybe even a Mold Remediation bill depending on the damage that occurs, so doesn’t it make sense to not be protected and protect your investment!

For more information on this article:

Linda Aponte – Phone: (949)240-5881

Fax: (949)240-5806

Email: laponte@ocfloodpro.com

Check out our new website at: www.OCFloodPro.com

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Entry filed under: Maintenance, Property Management. Tags: , , , , , , , , .

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