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Updated over 1 year ago on .

User Stats

20
Posts
4
Votes
Vlad Selsky
  • Lexington, MA
4
Votes |
20
Posts

Who pays for various insurance related fees?

Vlad Selsky
  • Lexington, MA
Posted

Our HOA suffered a fire couple years ago and 4 of the 12 units went through repairs. These 4 units are owned by 2 owners.

Insurance payout did not sufficiently cover all the costs and I'm in the process of calculating the owner out-of-pocket costs. The non-construction costs are:

1) Insurance deductible
2) Private adjuster fee
3) Project administration fee (HOA property manager)

Is there a rule-of-thumb as to which of these costs should be shouldered by the HOA vs. the 2 owners who own the units part of the fire claim?

The answer to this question is not in our bylaws, and this is the first insurance-related project in our history, so I have no precedent to go by. Seeking input as to what is most commonly done, or if it is entirely up to the HOA to decide?


Thanks, Vlad