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Updated over 6 years ago on . Most recent reply

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14
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1
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Douglas Stewart
  • Los Angeles
1
Votes |
14
Posts

My Rental Condo in Malibu burned down in the fire today

Douglas Stewart
  • Los Angeles
Posted

Not sure if this is where to post this.  My grandparent house burned down too, and not sure about my parents house.  Everyone is ok and that's the main thing.  I was just watching the news (I'm in NYC) and saw my condo burning.  I have no idea what happens now.  A few questions:

1. I am assuming I have fire insurance through my HOA, does this sound right? My sister has all the documentation at my parents' house (again not sure if this is still standing) so I can't check it.

2.  Assuming I do have insurance, are we going to rebuild the condo essentially as it was?

3. Will my mortgage remain the same? I do not have much spare cash to cover the mortgage ($1400/month), HOA dues were $600/month and rental income was $2800. Is there anyway to get the payments suspended on it until it is rebuilt?

Thank you!

Most Popular Reply

User Stats

14
Posts
1
Votes
Douglas Stewart
  • Los Angeles
1
Votes |
14
Posts
Douglas Stewart
  • Los Angeles
Replied

Thank you for the reply @Nathan Gesner.  I am looking at my rental condo unitowner's policy and it appears I have Building Property coverage for $95,400.  This would be to rebuild I assume?  I also appear to have Loss of Rents, which is also a relief.  We will see what happens. 

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