Home Insurance in 93012>Question Details

Curious76, Home Buyer in 93012

Does Brookshire Condos in Camarillo, CA cover hazard insurance?

Asked by Curious76, 93012 Mon Mar 1, 2010

Does the HOA cover the hazard insurance?

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Hi Curious, Just to add, I would definetly consult an insurance professional even if the HOA has a hazard policy. After there is an incident is the wrong time to find out that you could have purchased a coverage that would have assisted you. Remember the HOA is essentially you plus the other homeowners. So, if there is damage that exceeds your HOA reserves, the HOA comes back to the owner in assessments for the shortfall. There are some coverages for condo owners, like as it related to earthquake, that basically pay your portion of the HOA deductibles or may cover you for a variety of "unexpecteds". If you would like a reliable contact, I can refer you to both an AAA or State Farm agent, real person, that you can discuss your concerns and options with. Good luck!
0 votes Thank Flag Link Mon Mar 1, 2010
Without seeing the HOA docs? I cannot answer definitively. Typically if the units are attached, then there is a master hazard policy, because you need protection from the activities of your neighbors.

I am not sure that you could even get coverage on attached units for fire insurance for individual units in the same building. You could get contents coverage, but again, if your neighbor starts a fire and does not have coverage, the whole building goes down. Not likely a HOA would allow that.

Here is a related example - Check the HOA docs for Termite coverage as well. There is a development in Simi Valley with attached Townhomes and the HOA does not cover Termite. The big problem is that If one unit needs to be tented then you have to tent all 6 units - since an individual sellers cannot afford to tent the whole building and get the adjoining units to share the cost, those units get spot treated and it is a real problem as they really need to be tented to treat the problem correctly.
Web Reference: http://www.HomeBuysBlog.com
0 votes Thank Flag Link Mon Mar 1, 2010
Hi Curious,

Yes ... they do. They do not cover the contents or your personal belongings, though. Excellent question!
0 votes Thank Flag Link Mon Mar 1, 2010
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