SusanO3 (California)
Posts: 163
Posts: 163
Posted:
Are you a townhome community in CA. Does your hOA still pay for earthquake insurance? Or, did you pay for it and cancelled in last few years due to costs? Sue
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Earthquake Insurance in CA
Started by SusanO3 • 2 replies • 215 views
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TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
Town home communities can be COAs or HOAs, depending on how the town homes were built.
HOAs typically wouldn't have the responsibility of maintaining the individual homes.
HOAs typically wouldn't have the responsibility of maintaining the individual homes.
TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
From the Davis Stirling site:
HOMEOWNER ASSOCIATIONS
Unless required by their governing documents, associations are not obligated to buy earthquake insurance. Even so, the better course of action for condominium associations in high-risk areas is to buy earthquake insurance. This is especially true since individual members cannot insure the structure around their units, only the association can.
If no such obligation exists, boards have the authority to discontinue earthquake insurance. Before doing so, boards should seek membership input. In the event any changes are made in the association's insurance (cancellation, non-renewal, changes in deductibles, etc.), the board must immediately notify the membership. (Civ. Code § 5810.)
HOMEOWNER ASSOCIATIONS
Unless required by their governing documents, associations are not obligated to buy earthquake insurance. Even so, the better course of action for condominium associations in high-risk areas is to buy earthquake insurance. This is especially true since individual members cannot insure the structure around their units, only the association can.
If no such obligation exists, boards have the authority to discontinue earthquake insurance. Before doing so, boards should seek membership input. In the event any changes are made in the association's insurance (cancellation, non-renewal, changes in deductibles, etc.), the board must immediately notify the membership. (Civ. Code § 5810.)
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