CS (California)
Posts: 2
Posts: 2
Posted:
Recently discussed at an assoiciation meeting-was the idea of asking our individual Homeowner Insurance Companies to contribute to our depleting Reserves in the tune of $3000. We're in CA, our community has really gone down and our reserves some how vanished? One homeowner commented that she had called her insurance and that they would in fact cover the assessment. Another said her insurance co. said the reserves would have to be completely deminished. Is this legit? And what about the homeowners' insurance co.'s that won't cover, could the homeowner be liable? Could you give me more information on this idea of having the Homeowner's Insurance Co. contributing to HOA Reserves. Thanks.