If you are buying a property within an Home Owners Association, one thing you need to watch out for is any discussion or potential of a Special Assessment. A special Assessment occurs when the HOA doesn’t have enough money to cover some repairs needed within the community. So an example could be when the community is hit by say a hail storm, and all the roofs are damaged. The HOA should have insurance for this, but sometimes the cost of the claim may be more than the insurance will cover. And then they have to go to the home owners for the short fall. I have seen claims from twenty five hundred to ten thousand dollars.
So if you are worried about this, talk to your insurance company as some policies will have this coverage included, or you can buy a rider for additional coverage. If you don’t have this, this money will be paid out of your own pocket. So it is definitely worth speaking to them about that.
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