Does an HOA have power to levy assessments following catastrophe losses? In Texas, the answer will likely be, yes. This much was also found true when a homeowner’s association for Leawood Condominiums sued a unit owner for failure to pay assessments in Akhtar v. Leawood HOA.1Continue Reading Assessments Following Catastrophe Losses in Texas
Assessments
Loss Assessment Coverage and the “Master Deductible” Clause
By Jeremy Tyler on
Posted in Condominium Associations
When a condominium association needs money for an association expense such as property repairs, the association can generally divide the cost among association members and charge a proportionate amount to each member through special assessments. Many condominium unit owner policies provide coverage for some of these assessments. In fact, Florida Statute § 627.714 (2011) requires that residential condominium unit owner insurance policies include at least $2,000 of property loss assessment coverage that kicks in when an association assesses members for property damage.Continue Reading Loss Assessment Coverage and the “Master Deductible” Clause