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LINK  ▶ PDF We are only able to evaluate the COBBLESTONE subscriptions to earthquake insurance (EQI any form) when the data about enrollments from MOTUS arrives back to the HOA after the April 10 deadline for this enrollment period.   But, in the end, a minority of residents will have made this purchase. If an event happens in the near future, the loss assessment aspect of this will determine how well the risk management factor plays out. One sure factor will be in play: Who among the uninsured or underinsured will decide to stay and how will that affect the disaster recovery timeline? Likely, this will take years. If so, the loss of use coverage may be most critical. After a major disaster for any community, particularly and HOA community, the timeline for recovery is unpredictable and is likely to be prolonged for a variety of reasons, some of which are identified in the chart below. When was the last time you witnessed your HOA fast-tracking a project that required extensive legal c

Within Cobblestone Canyon Trilogy Glen Ivy, the news that the 170 condos are actually commercial buildings came as a certain shock to homeowners.  Part of the reason for this naivete for this subject is that niether the HOAs or the realtors who sell or manage these condo communities are offering full disclosure about the commercial status of residential condominiums in here or maybe throughout California. Normally, the commercial status makes little difference, but for the consideration of disaster recovery and insurance coverage for such, this commercial status is both formative and formidable.  See the search below for additional information. When you change the way you find things the things you find change

What is disaster recovery ?   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 un

  If a condo owner does not have building coverage, should they at least have loss assessment? How much loss assessment coverage? How much loss of use coverage?   Loss assessment, loss of use, personal property  ▶ If you live in a home or condo that belongs to an HOA, you'll need loss assessment coverage to cover shared losses to common spaces on the HOA property. If a shared space within the HOA sustains damage, or if a guest has an accident in a common area and the association is held liable in court, your building or community’s HOA insurance, or “master” policy will cover the loss up to its coverage limits. If the claim amount exceeds those limits, HOA bylaws stipulate that each member be assessed and pay an equal share of the leftover loss amount. Loss assessment coverage is an optional endorsement that you can add onto your homeowners insurance or condo insurance policy. It helps protect you if you live in a shared community, like a condo or homeowners association (HOA), when