✅ For disaster recovery today or in the future, what are the options to pay recovery costs?
Why do governments treat HOAs as commercial entities rather than residential? | ||
Given that reality, are all other types insurance quotes for HOAs treated accordingly? | Does a commercial-rate policy cost less than residential? | |
For disaster recovery today or in the future, what are the options to pay recovery costs? ▶ Fire insurance is already provided to Cobblestone Canyon by the HOA and the premium is paid out of condo dues. But flood insurance and earthquake insurance is not now provided.
If steps to disaster recovery are required, current reserve funds would barely provide a downpayment to cover those costs, at least the costs of a major disaster, so Cobblestone homeowners could expect emergency assessments. Fire insurance with regard to earthquakes would only apply if a fire is prompted by an earthquake. Regarding an emergency assessment, loss assessment coverage may mitigate all or some of the emergency assessment which, like earthquakes, is totally unpredictable. Earthquake insurance is readily available even if it is one of the most complicated options for casualty coverage.
Published a year ago (January 2019), this SOURCE explains: In the event of a large-scale disaster, state and local governments, individuals and households, and businesses all can face damage to their properties and other possessions. Many of these losses ultimately are borne by these entities or individuals, their insurance, or the parties deemed responsible for the disaster, if applicable. However, both the federal government and the State of California provide various types of financial and in-kind assistance following certain disasters to offset some of the costs associated with recovering from disasters, ... Notably, the type of federal and state assistance that is available can vary by disaster, with some assistance only available in the aftermath of larger state or federally declared disasters. (For more information on the various types of disaster declarations, see How California Governments Respond to Disasters.) In this post, see a summary of some of the major types of recovery assistance that can be available. ▶ CDRF
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