Reader: Some neighboring associations are reporting ten-fold increases in fire insurance premiums due to brushfire proximity concerns. Even though our community does not appear to be in a fire-pron…
Q: Our community’s liability insurance policies are up for renewal soon. Some neighboring associations are reporting ten-fold increases in fire insurance premiums due to brushfire proximity concerns. Even though our community does not appear to be in a fire-prone area according to real estate sources, are we in for a huge shock? — B.C., Rancho Santa Margarita.
As to the outlook for insurance premiums, Litman said “unfortunately, this is going to be a long-term problem. According to reports, claims for wildfires are increasing substantially each year.” Bare walls insurance means the HOA only insures for the shell of the residence – the interior is only restored to the drywall, excluding fixtures , finishes and interior contents. Many of my condominium client associations have moved in that direction, but first, the CC&Rs must be examined.
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