anyone knows good layer/s to consult about HOA coverage for Townhome fire damage?

[Faisal Zaman]

Recently one of my property got fire. It's a townhome under HOA. After talking to my insurance adjustor, he advised to get details on HOA coverage b/c to remediate damage we need to go all the way to studs. I know based on the Illinois Condo Act, HOA should cover the wall, insulation and electrical.

I am trying to find someone who I can consult about the HOA coverage for Townhome fire damage.. Any help would be appreciated..

[Chris Seveney]

Quote from @Faisal Zaman:

Recently one of my property got fire. It's a townhome under HOA. After talking to my insurance adjustor, he advised to get details on HOA coverage b/c to remediate damage we need to go all the way to studs. I know based on the Illinois Condo Act, HOA should cover the wall, insulation and electrical.

I am trying to find someone who I can consult about the HOA coverage for Townhome fire damage.. Any help would be appreciated..

 Have you notified the board of the association? That is the first thing you should do and then ask them and the property manager for the insurance and to get them involved. I do not believe you need an attorney on this, just communication.

[Jacob Valle]

Insurance claims are never fun and with being in an HOA certainly makes it a bit more complicated. But, there are some things you can do: First, review your associations Covenants or governing documents. That likely will specify what exactly the association is responsible for versus individual owners. It likely will also specify what insurance coverage the association must carry. Next, I suggest you ask you association's Board or Manager for a copy of the association's insurance policy. With those documents in hand, you likely have all the information needed to share with your insurer, to identify who would pay for each part of the necessary repairs on your claim.

Hope that helps!  

[Faisal Zaman]

Thanks team for getting back to me on this.. We have consulted with the HOA manager for insurance coverage and reviewing the policy. Their deductible $100K, it's ridiculous amount for a townhome.. Anyway, working with our insurance now to see what we can do..

[Theresa Harris]

A lot of condos/townhouses will have large deductibles because they are insuring for large rebuilds.  I think my condos have $40-50K for deductibles per unit in the event of major damage (ie rebuild).  Good luck.

[Faisal Zaman]

Thanks @Theresa Harris for sharing your thought on this, appreciate it. After this one, we will bump up our landlord coverage in the policies :)