So to simplify it, all the outside repairs ( drywall out) should be covered by the master condo policy your HOA carries, all the inside repairs get covers by your condo insurance which might also have coverage for assessements. Call your agent to find out what coverages you have
Andrew and Elena Ollick
Latest Post: Housing Has Finally Hit the Bottom
Now let's say you had a leak in your unit, then Geico would cover, but since it is a leak in the building that is being Pursued by an attorney, who is going after the builder and in the mean time the repairs are being paid for
By a special assessment, slim to no chance.
Also, hopefully the builder has enough insurance to cover the cost of all repairs as it is not uncommon
For builders to file for Chapter 11 or close down, the lawyers still have to be paid.
In the State of New Jersey all new construction has to have a 10 year builders warranty per state guidelines, so I have a question for you. Is the condo association under the control of the builder or close associates?
It may be in your best interests to consult with a real estate attorney (NOT a General Practioner) to protect your interests.
I hope everything works out for the best, good luck.
This won't be fun. You have my sympathy.