---
title: Condo association insurance plan has a $5K deductible for owners
description: Questions regarding condo association insurance and loan.
---

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# Condo association insurance plan has a $5K deductible for owners

| [Condo Association Insurance](https://www.condoassociation.com/blog/topic/condo-association-insurance) |   [Condo Association Loans](https://www.condoassociation.com/blog/topic/condo-association-loans) |  

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## What do you think? Question:

Our condo is valued at ~$100,000 and others range from that to $125,000 during a good housing market. Our [condo management ](https://www.condoassociation.com/management-services/tabid/206507/Default.aspx)says the condo association is responsible for the exterior (in case of fire damage, etc.) but we, as owners, are responsible for the $5,000 deductible on their insurance, if there is a fire, storm, etc. damage. Sounds questionable to us! Does that sound credible? Also, the condo board says they are going to have to re-finance the siding loan from damage of 10 yrs ago?  We are just trying to figure out why would there be a siding loan if there was [insurance](https://www.condoassociation.com/condo-association-insurance/tabid/81732/Default.aspx) during the last bad hail storm. We plan to attend all future Board meetings and get answers. Any info you can share would be very much appreciated. CAP

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## What do you think? Answers (40)

#### 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. *  
  

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