All Forum Posts by: Will Sampson

I Have a condo that I use as a short term rental in Panama City Beach.  We have a massive special assessment dropping and we are told it could take months to fix and the city said we cannot be in our building, it is a atructural thing.  I am curious if any professionals have any insight if there are any insurance options that pay out lost income for the months I will be locked out.  I asked my insurance and they said I do not have that coverage currently.  Any help would be appreciated.  

Property is in Florida. 

I am looking for a company that covers loss assessment insurance, but the highest coverage I am finding is $10,000.  Any recommendations for another company with higher coverage would be appreciated!

Hey Michael, thanks for the response.  All the units are the same and each will be on the hook for the same amount.  The exterior stairwells were installed improperly and are failing, all need replaced.  The company that installed is of course out of business.  I am putting it on the market, but will be a very tough sell with interest rates and this assessment.  I am really hoping to find a financing option that is long term.  

I bought a 1 bed condo in Panama City Beach in the beginning of 2022, it has been a profitable investment but cheap, so not a ton of cash flow. Unfortunately, the HOA is about to drop a special assessment for nearly $2 million divided by 30 owners. I do not have the equity and not a ton of cash lying around. The HOA claims they have not had much success finding financing options. I would appreciate some advice on financing a special assessment and any recommendations for places in Florida to assist...I'm trapped!