Mar 082010
We have an apartment in San Francisco, a unit 2. We have a separate policy, covering the walls of the units of our personal property. We and other units of the association of owners of property owners and trying to understand that we need a separate policy, including the appearance and the court, or whether we have received various types of share insurance underwriting. Any advice?
Do you live in a condo community, because if you do you should get your HOA guidelines and all information about what the HOA fees cover at the time of your closing on your mortgage. Typically your HOA is run by a management company who collects all fees. The HOA pays for a master insurance policy. Which covers exterior maintenance, rebuilding of structure to original condition if damaged by fire, earth quake etc. This does not include any upgrades that may have been made. It also covers common areas, like if someone slipped outside and sued. If it is just the two of you who own each side of a dwelling, I don’t think you could really call it a HOA. It sounds like you need to see a lawyer to draw up an agreement for monthly fees to go into an account and what the money is to be spent on and what kind of insurance policy that you jointly want to purchase for your dwelling.
if it is possible to harm something, insure it.
that is the rule of insurance.
get more insurance.
a single policy would make more sense
with you both being beneficiaries.
The HOA should get the master policy for the exterior and common areas. Do this so that you’re each not personally liable if something goes wrong – the HOA will be liable. For example, if a part of the building falls down and kills someone, you don’t want that on your personal insurance – that will likeley be excess and you’ll be responsible for what the insurance doesn’t cover.