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By CondoAssociation.com • January 25, 2021

Are HOA's financial assessment practices legit?

I live in a 20 year old HOA maintained townhouse development. The roofs are due to be replaced next year. The HOA does not have enough funds in the reserves to cover this.

As luck would have it we had a hail storm that cause damage to the roofs. The HOA file the claim with the HOA's insurance. Because the deductible is quite high (over the years the deductible has gradually been increased to save money) all unit owners are being assessed a lump sum of $6,000 to repair the roofs.  My individual policy will cover this, but there is a 500 dollar deductible.

The management company/HOA sent a letter stating that if we paid in full before the due date and provided proof of the deductible, they would refund the $500.

I have decided not to accept a refund. I am concerned this practice is not entirely legit.

Should I be concerned?

Minnesota 

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.
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