Help I need oregon statefarm condo adjuster! My condo asociation requires I purchase an HO-6 policy.?
They require it to cover the associations $10000 deductible, but I have called every insurer and it's only sold in some states like Washington, but with a $5000 deductible. Please tell me how to purchase it in oregon!
I called the HOA insurance, Farmers, and they dont sell it. My insurance, allstate told me it is sold as an extended rider in a few states, including Washington. I know i am not buying an hO6 policy with a $10000 deductible, since I have a $500 deductible. I had a sprinkler riser pipe freeze and burst. I have an HO6 policy and HOA policy with $10000 deductible. This is a new HOA still with the developer, 3 years old. The bylaws state i must purchase insurance that pays the associations deductible, and personal property insurance. I bought everything sold in oregon. I think these bylaws are not legal since its not posssible to purchase the coverage in oregon, and its not reasonable to pay 10000 several times in a calendar year. The developer just ammended the bylaws so he can sell to FHA buyers. and I found in HUD that the HOA budget must provide for insurance and deductible, where our budget only has insurance in budget. Insurance adjusters for condos please help me!
God, I wish I was misunderstanding the situation, but I have a bill from the HOA for the $10,000 deductible! Please Help condo insurance adjuster geniuses!
- AnonymousLv 71 decade agoFavorite Answer
You go talk to a local agent.
You're misunderstanding. You're not trying to buy an HO6 with a $10,000 deductible - you're trying to buy an HO6 with a $10,000 limit - although you very well might need MORE building coverage than $10,000. Then, you have your CONTENTS to cover, too - usually at least $20,000.
YOUR deductible on this policy, will probably be $500. Not $10,000.
Start with the agent that writes your car insurance, to see if they can write the HO6. It's a standard form, and if you put it with the same company that does your car insurance, the discount on both policies could be high enough, that it's actually LESS money out of your pocket.
- Anonymous1 decade ago
Ask the HOA to give you the name of their insurance agent and purchase the HO-6 through that guy.
- mercidieuLv 43 years ago
you have have been given 2 subject concerns going on. at first, it is not with regard to the loan stability. you will possibly be able to desire to have the two the grasp coverage exhibiting studs-out coverage interior the quantity of a hundred% of the completed fee, AND the HO6 coverage exhibiting partitions-in interior the 20% quantity on your unit. however the 2nd concern is convincing that own loan officer he's faulty - and you'd be wanting an extra handy time switching to a distinctive lender, than convincing him. The own loan relies on the marketplace fee of the unit - how plenty you will possibly be able to desire to sell it for, or what it fee you to purchase. The coverage relies on the fee to restoration the unit. those are thoroughly countless issues, and loan standards are for the fee to restoration the unit, no longer the fee to sell of the kitchen if there's a fire (because of the fact, howdy, you could't unload the kitchen and purchase a sparkling one at marketplace fee, if there's a fire. you will possibly be able to desire to restoration it.) that's like evaluating apples and kittens.