Special Assesment

Started by DeliaR • 1 replies • 1868 views

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DeliaR (Florida)
Posts: 2

Posted:

Our hoa has been battling with our insurance company since hurricane wilma. We hired a private adjuster to meet with the insurance company we still have not been able to settle meanwhile there are 20 units out of 65 that have extensive roof damages. In our last meeting we decieded to wait a little longer for the insurance company. Well one homeowner decided to make a complaint with the state. The state is forcing us to resolve this problem within a certain amount of time. We don't want to accept the small offer the insurance company has recommended. So we are forced to create a special assesment of $9000.00 to each homeowner does this seem right? Or is there something we can do to have the state hold off a little longer?

LisaS (Illinois)
Posts: 341

Posted:

If the state has stepped in, I doubt that you can 'hold them off' much longer. It sounds as if you need an attorney to work with the insurance company as well.

I would assume that the state has said that it is your association's responsibility to mitigate the problem and protect against further damage. I have to agree.

Rather than a special assessment, has the association looked into financing the repairs? Depending on your area, you may want to look into bank assistance. You will pay interest- but this way you avoid the really big special assessment. The bulk of the loan can be paid off when you settle with the insurance company. You don't mention what insurance company you have...but if they offered you a settlement for the damages, they should be able to provide you with the name of an authorized contractor who can do it for their price. if not...well that says it all!

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