Roof leaks. Flooding. Burst pipes. Storm damage… As a homeowner, it’s possible that you could encounter any number of situations that result in necessary roof and wall repairs for your condo or townhouse unit. The good news is, your HOA may be responsible for some or all of the repairs since the walls and roof may be considered shared or community property. Most HOAs carry a “blanket” insurance policy which covers the building’s exterior, while homeowners are recommended to carry their own individual policies that cover the interior.
When dealing with roof or wall repairs in a condo unit where there is coverage through the HOA, there are a few important points to keep in mind:
– Check the coverage first: Ensure that your HOA does carry the appropriate coverage and that damages are their responsibility.
– Consult an expert: Communicate with your insurance agent to confirm your understanding of the process and how repairs will be handled.
– Ask about the deductible: Often, individual unit repairs are below the deductible amount for a large complex. In this instance, it may be the HOA’s responsibility to pay out of pocket. If this is the case, it’s important that you…
– Confirm your HOA’s financial position: Can they pay out of pocket for these repairs? If not, there are some other discussions to be had with your HOA and your own insurance agent.
Have questions about your condo or townhome? Contact us today to talk with one of our Arizona Real Estate Experts, or read Small Claims Court and the Real Estate Owner.