Pros & Cons Earthquake Insurance for Condo’s

 

Does your HOA really need all the bells & whistles, if your budget doesn’t allow the premium? How will you come up with the 20% deductible on Earth Quake?

When damaging quakes happen, condo associations cannot commence repairs until they assess their members for uncovered common quake damage, either to defray deductibles on a master policy, latimes.com/

If the insurance deductible exceeds the amount of equity a homeowner has in his or her home, it may not make sense. Earthquake-insurance deductibles for associations are typically in the tens of thousands of dollars.

Would most homeowners be able to pay a $40,000 deductible, should an earthquake damage the structural integrity of their condominium? Would they want to if they owed $50,000 more than the condominium is worth? The answer is, probably not.signalscv.com/

Los Angeles Department of Building & Safety – Soft Story Retrofit Program

Resources & Links

Los Angeles Department of Building & Safety – Soft Story Retrofit Program hoa coverage.com Insurance “Agents” checklist for the best coverage Community Assoc Network on Insurance Pros & Cons of Earthquake Coverage? CA Earth Quake Authority.com Insurance Section – Operating Costs for HOA’s – CA Dept of Real Estate

Related Pages in Financial Review Mandated §5500  Section

No Reserves - No Insurance - Natural Disasters
No Reserves – No Insurance – Natural Disasters
Sample Rating Calculation
Sample Rating Calculation – Click to Enlarge
Los Angeles Soft Story Retrofit Program
Los Angeles Soft Story Retrofit Program
 

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