HOA fee? Hurricane Ins.?

Asked by Bob, South Padre Island, TX Fri Apr 27, 2012

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H. Therese E…, Agent, Laguna Vista, TX
Sat May 5, 2012
Anytime you have multiple owners contributing to the expenses for commonly owned areas, you will have an HOA, or Homeowners Association. This can be for a condo complex or single family homes in a community with amenities. It will be the responsibilty of the HOA to maintain and insure such features as a clubhouse, pool/spa, tennis courts, gated entry, boat docks, parks... any feature that the community collectively owns. This can also include services such as water, trash removal, pest control or cable that is shared by the owners. Each property owner in the community also possesses a percentage of these common areas, therefore, is part of the HOA. Along with contributing to the costs, each owner will have a vote in determining how the community and its features are maintained.

In the case of condominiums, the shell of the building, itself, is also deemed "common" area, and is maintained by the HOA. The entity's responsibilities will also cover purchasing insurance on the building, including flood and windstorm insurance for our coastal properties in South Texas. Some HOA's choose to incorporate this expense in with the other maintenance/operating fees for the community for simplicity. Some, however, will bill the insurance expense separately. Therefore, when purchasing a property that does exist in an association, it is important to know what the fees cover and when they are billed (monthly, quarterly or annually). More often, if the HOA fee is a low one, the insurance is a separate cost, which will need to be included when calculating finances for a loan.

It all seems very complex, so some HOA's hire outside management companies to handle all the particulars... especially for large communities or condo complexes. However it is handled, the extra HOA fee will ensure you have additional amenities to your property and peace of mind to enjoy them! For more details on this topic or additional assistance with real estate dealings in South Texas, contact:
H. Therese Eaton, broker/owner
Rio Isla Properties
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Dallas Texas, Agent, Dallas, TN
Fri Apr 27, 2012
Speciality insurance recommend to contact an insurance agent . No property address is listed therefore a Realtor can't assist you

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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Bill Bussard, , South Padre Island, TX
Fri Apr 27, 2012
HOA is an acronym for Home Owners Association, the fees are determined by the owners of a condominium project or a community with common areas and amenities that are shared by all of the owners. Some buyers view HOA fees as a negative but the reality is that homeowners frequently save on services like cable or pest control by buying the services collectively instead of individually.

Windstorm insurance is an absolute necessity in a coastal area and the state of Texas subsidizes the premiums for this coverage in most of the coastal counties including Cameron, which includes South Padre Island, as long as the building is built to comply with state mandated code. Flood and other types of coverage vary widely and you should consult with an insurance agent. Be sure to ask if you have coverage for wind driven rain.
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Linda Zuniga, Agent, South Padre Island, TX
Fri Apr 27, 2012
All condos on South Padre Island have HOA Fees. This fee will "usually" include your water and trash pick-up, basic cable and some complexes have wi-fi. It also covers the cost of grounds maintenance, swimming pool maintenance, as well as anything "common" to all owners. Some complexes have On-Site Managers, or on-site maintenance person - thus adding salaries, etc. to the cost. Condos tend to have a "blanket" insurance policy on the Building that includes General Insurance, Flood and Windstorm (Hurricane). It is up to the HOA to determine how the Insurance is paid - Billed Annually - added to the HOA Fee, etc. The Insurance covers your condo from the "walls - out". It is recommended that a homeowner carry Interior Insurance to cover their furnishings, flooring, cabinets, etc.....everything inside the condo from the "walls - in". I hope you will find this information helpful. If I can be of further assistance, please let me know. Linda Zuniga, RE/MAX 1st Choice, South Padre Island LindaZuniga1@gmail.com
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Karen Moore, Agent, South Padre Island, TX
Fri Apr 27, 2012
I would need to know the address or name of the complex as HOA fees and insurance vary from place to place. I will be happy to provide any info I can.
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I have been looking at the condos at Laguna Vista. For example...10 Pinehurst Dr, Laguna Vista, TX 78578..

What is the HOA name and fees if you know? Thanks in advance.. Danny
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