Personal Finance & Money Asked by Yoshiyahu on December 3, 2020
I moved into a townhome in summer 2020. I just got a letter from the homeowner’s association stating that they are claiming insurance from a hail event back in July of 2019 (a year before I moved in). The master insurance deductible is around $2.7k/per member. The association suggests using the required HO-6 policy each member has to pay only their individual deductible ($500 in my case), and the HO-6 policy will pay the remaining $2,200.
Am I making a claim on my HO-6 against
I assume that if it is the former, the HO-6 claim would be rejected because the date of the damage was before I moved in (and therefore before my policy took effect) and if the latter, my HO-6 should cover it.
Of course, I will be speaking to the association and my insurance, and I understand it is hard to say if you can’t see my specific policy, and all that. But I just want to know if anyone has gone through something similar first.
I am surprised it wasn't in the financial disclosure packet from the HOA.
A long time ago when I lived in a condo, there was dispute between the community and builder over leaks into some of the units due to problems with the balcony for each upper unit.
The dispute lasted years and all units would be charged for the repairs if the builder wouldn't pay for them. In the final stages of the dispute the HOA had to disclose the obligation of each owner to pay for the repairs. How each buyer/seller addressed the financial obligation I am not clear because I didn't sell at that time.
Even with units that weren't sold in the last year they may find that unless they made a timely claim their insurer might not cover it.
Correct answer by mhoran_psprep on December 3, 2020
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