Our condominium had a catastrophic loss to our insurance company for an act of nature. We were told that upon our renewal that the Master Policy deductible will increase from $5,000 to $25,000. Currently, the HO-6 policy for the homeowners only covers a $5,00 deductible payout to the association to cover the Master Policy deductible, which will soon be insufficient. Can the Board require that all homeowners now carry a min $25,000 payout on their HO-6 to cover the Master Policy deductible? Otherwise the condo would have to pretty much self-insure for the remainder, and we couldn't afford to do and most people don't have an extra $25,000 in cash lying around. Has anyone else had this issue or something similar? What options or suggestions can anyone provide?
Answers (11)
What are your thoughts on this topic?
Comments and postings are not legal advice, but are the opinions of our readers. This forum and its contents are being monitored. Please be respectful of each other.
