All Forum Posts by: Kiran Dayalu

Thanks again Owen. Do you mean a trusted advisor agent at State Farm insurance? Which agency can I talk to on this for advise? 

Thank you for the reply. 

The complex had multiple water damage claims over the past years. And when it was investigated, it was found with some structural issues and the HOA board went after the original builders / construction companies and had claims/suits against them. They won a good portion of them that is now being used to fix/repair for all buildings & condos. The money they did get is not enough for this and the remaining amount is what is being divided amongst the owners of the condos.

It's not related to maintenance on just our condo.

Would the loss assessment should still cover such situation? I am concerned on the timing of when I should reach out to State Farm too Or at least understand any concerns or issues ahead before I reach them. I am pretty sure state farm will ask me to start a new claim.

Hope that provides some insights. Looking forward to your replies or any input from anyone.

Very much appreciated!!

Hi there,

I need guidance regarding a situation with one of my rental condos in Washington state. The condo HOA has imposed a $14,000 special assessment on all condo owners in the complex to fix water issues across the buildings. We have until the end of this year to pay the assessment. The project will start soon, and I believe it will take that long for the construction company to complete the work on all the buildings.

I have landlord insurance with State Farm, which includes coverage for loss assessments that should cover this amount. I have a few questions:

1. Should I contact State Farm right away or wait until the project is complete?

2. My current insurance was recently renewed and is valid until January of next year. 

3. Could State Farm increase my premium or, worst case, cancel my policy? This would be my first claim in seven years with them.

4. Is there anything else I need to ensure before I approach them?

I greatly appreciate your replies on this matter.

Thank you,