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A Closer Look At Earthquake Insurance & HOAs
In California, earthquakes are not just a potentiality, but a reality. The experts tell us it is not a matter of if we will experience another quake, but when, and we see that evidenced in the minor quakes we regularly experience. Consequently, earthquake insurance is a type of coverage many of us seriously consider when looking to fully protect ourselves.
So you can have a firm financial foundation in the face of an earthquake, here is what you should know about earthquake insurance and HOAs.
- HOA Coverage: It is the HOA’s responsibility to protect the exteriors of its building(s) and the common areas. That means that your owners are relying on you to ensure that should an earthquake destroy buildings within your HOA, you have the insurance coverage necessary to rebuild them. While your HOA will not be legally required to have earthquake insurance, carrying this type of policy ensures that you are able to both rebuild your property and best protect your owners.
- Owners Coverage: While the HOA’s earthquake insurance policy will protect from the exterior walls out, you are not responsible for protecting the interiors of your owners units or their personal property. In other words, your coverage will ensure you can rebuild the exterior of the building but your duty ends there. Consequently, HOA owners also need to secure personal earthquake insurance to ensure that they are able to rebuild their interior and replace their belongings after an earthquake.
Whether you are looking for earthquake insurance, fire insurance, or other coverage to protect your homeowners association, contact the HOA insurance experts at Scott Litman Insurance Agency. Our team are experts at ensuring that no matter how the ground quakes, you have a firm foundation. Do not leave your property and your owners exposed; call us today!