Condo insurance for the Common area?

3 Replies

The Condo has been paying for insurance to cover the buildings and common area.  I contacted the "Insurance Company" and was told there is NO name like this on record?   Can this happen?  I have Condo insurance on my unit!  Now what?   

FYI: 6 years ago the board stopped paying the HOA.

@David A Smith how can the board stop paying the HOA? The board IS the representative of the HOA and elected by the property owners. The monies collected are HOA monies. I'm not getting what you are saying.

Regarding the insurance: look at your governing documents. They should require that the HOA maintain adequate insurance to replace and repair the buildings and common elements. They should also have a section that describes what paperwork an HOA member is allowed to review. Request a copy of the current policy. If the HOA has not been maintaining coverage this is a great danger to you and all the property owners and everyone needs to be aware of it.

Do you have a copy of the COI? 

What is "COI"?

You need a new manager and probably HOA board.

MANAGER?  We do not have any so-called manager, just 4 owners on the board.  One lives on site, and 3 do not and the 3 are landlords of units in the Condo.  Out of 32 units, we have over 11 are rented out.  

The parking lot is developing a BIG sinkhole at the drain.  Huge cracks and trip hazards.  Several people have tripped on the bad parking lot.  Four years ago I fell and still have problems from the fall, I am 66 years old.   Black drainpipes throughout and they are starting to leak.   We have had many times problems with the roof leaking.  We have 4 buildings and one has had leaking issues for 6 years.  Black Mold is suspected by most.  Most of us are having sinus and lung issues.  COVID-19 time and we DO NOT have daily cleaning in the common areas.  Visitors coming and going all day long.  

My list is LONG, and the people I talk to that live here have no idea what is going on, the "Head in the Sand" thing.

Our "By-Laws" was written in 1973 and NEVER up-dated.  It is NOT registered with the clerk's office. I went there in person to see if it was there. NOPE 

Parking Lot 05/18/2020

The bottom is soon to drop out here I feel.

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