All Forum Posts by: John Mocker

Richard,

Your Condo Association by-laws and declaration will give you info on who owns what parts of the building and therefor who is responsible for the repairs. The HOA does not dermine if the Condo Assocation insurance applies. That determination can only be made by an licensed adjuster for the Insurance company.

Review this with your own Insurance agent to see what they think.  They may advise that you submit a claim to the Insurance company for the Association and make them state why the damage from the leak is not covered.  They may also indicate, that it is more likely covered by your insurance on the unit.

Noah,

There is another factor at work along with the Condo HOA fees. Because, during the investigation of the High-rise Condo collapse in FL, one of the factors cited was deferred maintenance. FL has tightened the requirements for Associations in the area of funds put aside for maintenance and updates. Along with hirer HOA fees they are also assessing to get the reserves up. I suspect that Assocations in other states will increase reserves to get ahead of their state adopting similar. I don't know if this is also a factor in your association

Troy

The reason for the non-renewal should be stated on the notice you received from your current carrier. 

Troy,

First, the reason for the non-renewal is important.  If it is due to the company either pulling out of the market or changing their guidelines that is best because it is not anything specific to your property.  In that case, I would shop it around to see if any other regular carriers will write the coverage.  

If it is due to a condition of the property (multiple losses, unrepaired damage, etc.) it will be more difficult to get a regular company to write it.  You would have to show the condition was corrected.  

Cajun Underwriters Reciprocal Exchange is not a government program.  I would compare the rates they give you with other quotes and see which gives you the best combination of coverage and price.

Shahaf,

If you do decide to go ahead with the conversion, contact your insurance agent and make sure your current coverage for the 2 family will still write the 3 family.  Many companies will write 1-4 family dwellings.  But others will only write 1-2 family dwellings.  That would mean you would need to rewrite the coverage.  That could add cost if the new policy has higher rates.

Kaushik,

Before you decide, contact your agent and find out  if, by excluding the roof coverage, you are also excluding ensuing damage.  ie, wind damages the roof and that lets in rain that damages sheetrock, floors, furnishings,...   If the roof itself is not covered, you can estimate your out of pocket if the whole roof has to be replaced.  If the Ensuing damage is also not covered, the total loss could be vastly higher.  

Owen’s points are correct.  I would add that, as a house hack, you are probably insurers on a homeowners policy.  Just about all homeowners require that the property be owner occupied.  You willl most likely have to change to a dwelling fire policy.   It might be a good time to shop the coverage with several independent agents

Jake,

We are seeing increases across the board in both personal and commercial policies.  I would suggest having a conversation with your agent on what the expectations are for the near future.  If they anticipate increases to the rates, you need to factor that into the decision.  You could also shop the coverage to see if there are savings in a different company.  The problem there is that they may inspect and make recommendations that will cost you $$.

Joe,

I'm just looking at this from an insurance standpoint.  From what I see, you have the title on the home.  The Error by the Tax Appraiser may have caused you and economic loss.  When you talk to your attorney on this, discuss the error by the appraiser.   Ask your attorney if It may be worth sending them a letter indicating they should open a claim with their Professional Liability Insurance carrier. 

Darrell,

I ran into a similar situation last year.  You are correct, All of the standard Market companies I contacted would not write the coverage with an open loss.  I did eventually find a carrier in the Excess/Surplus lines that would write the insurance.  Even in the Excess/Surplus lines it was difficult to find a company willing to write it.  

PM me the details and I will see if that company is open to quoting on your property.  

Your state has a market of last resort called the Indianna FAIR plan that may  write it.