Quite recently two of the largest residential property insurance companies announced major cutbacks in California.
State Farm announced it had stopped accepting applications for any California insurance policies, and Allstate announced it was “pausing” from any issuing new homeowners insurance and HOA insurance policies to protect existing customers. Many HOAs are now experiencing skyrocketing property insurance rates.
In a “bare walls” scenario, the HOA obtains insurance which does not rebuild the individual residential interiors but instead restores damaged homes to a shell condition with bare walls, floors, and ceilings, ready for cabinets, plumbing fixtures, wall and floor coverings, and all other elements of the home.Most homeowners in condominium or attached planned development homes already have their own individual insurance policies, which normally also cover damage to interior elements of the home.
3. Talk to legal counsel about what the CC&Rs say regarding damage to homes. The HOA’s liability for interior damage should match the HOA’s insurance for interior damage. It would be a disaster for the HOA to buy insurance not covering interior buildouts of homes and then to be found liable for interior damage in, say, a plumbing or roof leak incident.
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