I had a major flood in one of rental properties in the northwest suburbs of Chicago on July 23, 2011 where I had to get a contractor to DEMO and restore the basement for my tenants.

I believe that in pretty much ANY state, the Landlord Tenant Laws states something to the effect that "landlord may withhold from the security deposit amounts that are reasonably necessary for (a) rent or other amounts due the landlord and (b) to restore the unit to it's condition at the commencement of the tenancy".

.), you'd be surprised how rapidly you'd go through that $60,000 trying to restore the "walls" to their former glory.

I have spent $15,000 in fully restoring the basement for my tenants.

Any insurance claims for damages to the property were settled when the property was restored to full operating condition.Seller dislosure tells you about any defects with the property that you may not be able to see.

I have since learned a lot about those deals, it talks a lot of knowledge in fire restoration. the smell can linger forever if not done right!!

And Wells Fargo (I assume you mean) is now demanding the coverage be restored to what it was.Ultimately they probably cannot force the HOA to buy more coverage.

But limit that to one major project per year since they are a multi year design & restoration ordeal.

I think Pride is the number one factor in my neighborhood, and if this could be restored, I sh@#t you not, I really think it could be one of the greatest working class communities in the country.

Treasury created TARP in October 14, 2008 and restored some sense of stability.