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Is a ho-a insurance policy the same as a ho-3 insurance policy?
Cgraves006
No, they are not the same.
HOA - Basic Coverage, is a Homeowners Insurance Policy Form "A", Also known as a HO1 policy.
The HOA is the most common home Policy Form purchased in the United States. It is usually based on ACV valuation rather than on Replacement valuation in the event of a claim. Although it is generally the most affordable Home Insurance one can buy, it also tends to offer minimum coverages.
HO2 - Extended Coverage, Also known as an HOB or Homeowners Policy Form "B"
HO3 - Broad Coverage, is also Known as an HOC Policy, Homeowners Insurance Policy Form "C".
The HO3 Home Insurance Policy is considered the Cadillac of Homeowners Insurance Policies offered in The United States. It is based on Replacement Coverage valuation and offers the broadest, most expansive coverage available but also is the most expensive.
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Should you have insurance when you buy into a hoa?
Absolutely, yes. Unless you can afford out-of-pocket expenses that will arise in the case of an insured event covered by the HOA's master policy, best practices dictate that you carry your own insurance. When you visit your insurance broker, take a copy of the HOA master policy with you. Buy the insurance that you require to protect your possessions and the parts of the interior that you own that are not insured under the master policy.
Does an hoa management company pay for any losses in a homeowners insurance claim?
No, an HOA management company typically does not pay for any losses in a homeowner's insurance claim. Homeowners insurance is a separate policy that homeowners are responsible for purchasing and maintaining. The HOA management company is responsible for managing the common areas and implementing the HOA rules, but they do not cover individual homeowner's insurance claims.
You purchased a home and was not aware that it has an HOA If you have not sign any agreements with the HOA can you be forced to join and comply?
Yes. If the HOA is in your deed, as the result of a recorded document prior to the date you bought your home, you are obligated to be a member. However, the title insurance policy issued for your home should have disclosed that it was subject to HOA membership. Check your title insurance policy--if that's not in there, you can sue the title company for indemnification. Call a real estate attorney in your area for insight into your state's laws and your specific situation.
What type of insurance is needed for vacant land owned by your HOA?
If there is no lien on the property, the HOA's general liability insurance should cover any liability arising from the use of the land. If the HOA isn't formal and isn't incorporated it probably doesn't have any insurance. I would consider obtaining some. Consult the HOA's legal counsel for advice for your area.
Are insurance company told us our roof was to worn out for a claim but gave us 600 dollars anyway A few weeks later we had a major hail storm and you have major roof damage can you refile a claim?
It's sounds like you may have an Aged Roof and an ACV based HO1 or HOA Policy. This is sometimes called a Form 1 Basic Homeowners Policy. Although HOA policies are more affordable they generally pay out on a depreciated value. Modern composite roofing material is rated at 10, 20 up to 30 years life. Most appliances even HVAC units have expected life cycles in which they also depreciate. Part of a Homeowners regular maintenance program is to update such things before life cycle end. Many Homeowners tend to be either Price Shoppers or Coverage Shoppers when it comes to choosing a policy. When price is paramount the HOA basic Policy usually fits the bill. Some companies will offer endorsed extensions, replacement costs and other optional protection. An HOB HO2 Extended Coverage or HOC HO3 All Risk homeowners policy form is a little more costly with the HO3 offering the broadest coverage.
What is the difference between condo insurance and town home insurance?
Nothing. They're the same exact thing. As long as the HOA has dwelling coverage on all the buildings this is all you need.
If a tenant lives in your condo and a common area pipe leaks on their car causing damage should the HOA cover this or will your homeowners liability insurance cover this or neither?
Read both your master policy that covers the condominium association's assets and your homeowner's policy to verify coverage.Also, the tenant's insurance may be a possibility for coverage.Basically, it will depend on the cause of the leak, and that will determine which policy, if any, covers the damage.
Can a Homeowners Assn have an insurable interest in a fence on property fence not on the common ground of the HOA?
Yes, a Homeowners Association (HOA) can have an insurable interest in a fence on a property that is not on the common ground of the HOA. The HOA is responsible for maintaining and enforcing certain rules and regulations for the entire neighborhood or community, which may include the maintenance and insurance of fences on individual properties. It is important to review the specific bylaws and governing documents of the HOA to determine their insurance responsibilities.
Does homeowners insurance cover foundation cracks caused by soil expansion?
Insurance and Soil ExpansionIt really just depends on the Policy Type that you are carrying. When it comes to purchasing Property Insurance, Some homeowners are Coverage shoppers while others are price shoppers. If you have an HO3, All Risk Policy you likely have coverage. f you purchased a more economical HOA Policy then most likely there is no coverage for soil expansion or earth movement.It's best to contact your insurer and enquire about your coverage. You may be able to upgrade your policy if you are concerned about soil and earth movement or other risks.I'm fairly new at all of this, but to my understanding most problems due to soil expansion are due to water getting to the foundation, freezing and expanding, etc, so most issues like this are considered maintenance problems and therefore not covered, since theoretically you could have prevented them by sloping the ground away from the house.
Can a HOA board of directors be sued for fiduciary neglect?
If the neglect caused damages then you may have a case. You should consult with an attorney who can review your situation and explain your rights and options.Furthermore, the bylaws of the HOA, or state law, may require that the board of directors maintain insurance covering their acts or neglect in fulfilling their duties. The specifics of that should be investigated. If there is such insurance, it should be readily disclosed to you. Make note of the insurance company name, the policy number, and the persons designated as being insured under the policy. If you consult an attorney for the matter, bring that information with you. It will make a difference in the attorney's assessment of the potential of the case, as insurance may provide a source of money damages.Added: ... not to mention, the attorney's fee.
Who is responsible for damage caused by a sewage pipe back up in a condo The Condo Master Policy or Individual Homeowners Policy?
The intrusion of sewage (or fresh water) from a community maintained utility line in a community maintained space is the responsibility of the HOA. While you might be able to file a homeowners claim and be compensated for remediation (except in a state like CA where sewage back flow may be excluded in your agreement with the insurance company), you may be discouraged from filing as the insurance company would then be motivated to sue the HOA and then raise your rates and drop you. In this uncomfortable situation, the HOA needs to satisfy their liability-- which is to make you whole. Retain a lawyer and as part of the settlement, insist that a back water device be installed between your unit and the common line, AND that the HOA obtains (and demonstrates to you) their liability insurance for future events. Think of liability of a condo in this way: you are responsible for your car on the street until someone else hits it. If you can not identify the other party then your no-fault insurance will cover the damage. If the other party is identified then your insurance may reimburse you but subsequently sue to recover the damages from the other driver. In either case, you have exposed your insurance company to increased costs.
North Carolina Commissioner of Insurance If refinancing a condo do I have to insure my condo for the full mortgage amount or only my the personal property and proof of HOA Master Policy?
Your board or your management company can help you determine how much personal property insurance you need to carry in your HO-6 policy, depending on the coverage available to you in the master insurance policy.You don't want duplicate coverage, nor do you want any gaps in coverage.If, however, your question has to do with mortgage insurance, ask your banker what kind of mortgage insurance you need in order to cover your refinanced amount.
