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PostPosted: Tue Jul 31, 2018 6:10 pm 
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Extended dwelling coverage is built into most Homeowners polices which provides an additional building limit over and above the amount you are paying for in cases where the fires are so huge that multiple homes burn at the same time in the same place as is happening often now in CA. This varies by state, check your policy.

It exists for any peril you are insured for and applies if you are under-insured OR if the fact that there were 1000 houses burned down last night instead of just yours, and that means the cost of materials and labor will skyrocket , well labor anyway, due to lack of person-power to do the work in the usual reasonable amount of time, know that you are covered.

Then if FEMA is involved because the president declared it national disaster or whatever category that is, that limit is increased and I dont know for sure by how much. Might be DOUBLE.

Anyway, I have this mountain of information that I hate that I have because it means I spent my life doing something I cant stand, but since I have the knowledge, I figured I would spread it around.

I dont know if the FEMA part is law or not or if it is just written into most policies. What I know is this change happened when huge disasters occurred causing values to be upended and many were under-insured and CA led the way making it so insurance companies better respond to the crisis.

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PostPosted: Wed Aug 15, 2018 2:08 pm 
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Since you seem to be in that biz, I'd imagine your information is valid.

I do know that homeowners' insurance does not cover floods (east coast) and earthquakes (west coast). Our flood insurance came from FEMA. Our earthquake insurance was a policy add-on, I think. Anything past the bare minimum is very expensive in shaky SoCal.

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PostPosted: Wed Aug 15, 2018 2:27 pm 
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Since you seem to be in that biz, I'd imagine your information is valid.

I do know that homeowners' insurance does not cover floods (east coast) and earthquakes (west coast). Our flood insurance came from FEMA. Our earthquake insurance was a policy add-on, I think. Anything past the bare minimum is very expensive in shaky SoCal.

Flood and EQ not covered, correct

Fires resulting from EQ are , so you know what to do, right? kidding, they would find out

I also just filed grievance Blue Shield they wanted me to do copay on colonoscopy allegedly because i had pollop last time, but i argued and filed and they paid the whole thing

ALWAYS file a grievance

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PostPosted: Wed Aug 15, 2018 2:53 pm 
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I've spoken with our HOA's insurance agent and the amount we're insured for is above the replacement cost for our single-building. That's for both earthquake and the general policy. Don't need flood insurance since we aren't in a flood plain. I do carry a separate household insurance to cover any loss the other two policies don't cover and to cover costs if something like water damage so overall I feel satisfied with my/our insurance coverage.

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PostPosted: Wed Aug 15, 2018 8:37 pm 
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Extended dwelling coverage is built into most Homeowners polices which provides an additional building limit over and above the amount you are paying for in cases where the fires are so huge that multiple homes burn at the same time in the same place as is happening often now in CA. This varies by state, check your policy.

It exists for any peril you are insured for and applies if you are under-insured OR if the fact that there were 1000 houses burned down last night instead of just yours, and that means the cost of materials and labor will skyrocket , well labor anyway, due to lack of person-power to do the work in the usual reasonable amount of time, know that you are covered.

Then if FEMA is involved because the president declared it national disaster or whatever category that is, that limit is increased and I dont know for sure by how much. Might be DOUBLE.

Anyway, I have this mountain of information that I hate that I have because it means I spent my life doing something I cant stand, but since I have the knowledge, I figured I would spread it around.

I dont know if the FEMA part is law or not or if it is just written into most policies. What I know is this change happened when huge disasters occurred causing values to be upended and many were under-insured and CA led the way making it so insurance companies better respond to the crisis.

You've stated several times that you can't stand your job

Care to share why?


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PostPosted: Wed Aug 15, 2018 8:44 pm 
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I've spoken with our HOA's insurance agent and the amount we're insured for is above the replacement cost for our single-building. That's for both earthquake and the general policy. Don't need flood insurance since we aren't in a flood plain. I do carry a separate household insurance to cover any loss the other two policies don't cover and to cover costs if something like water damage so overall I feel satisfied with my/our insurance coverage.

So you dont have a detached, single family?

Why do you have that 2nd policy, is it a condo or similar in that the assoc covers the structure and you separately insure your improvements and contents?

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PostPosted: Wed Aug 15, 2018 9:04 pm 
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So you dont have a detached, single family?

No, a unit in a 10-unit condo building.

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Why do you have that 2nd policy, is it a condo or similar in that the assoc covers the structure and you separately insure your improvements and contents?

My insurance covers the contents and interior of my unit. The common area items of the HOA includes things like the roof, sidewalk, car port, landscaping, etc. whereas things like a broken sewer line or a leaky faucet within my unit are my responsibility since it's a separate interest. That's why I have a policy to cover my unit. It's similar to renter's insurance except I'm the homeowner living in the condo.

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PostPosted: Wed Aug 15, 2018 9:39 pm 
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No, a unit in a 10-unit condo building.


My insurance covers the contents and interior of my unit. The common area items of the HOA includes things like the roof, sidewalk, car port, landscaping, etc. whereas things like a broken sewer line or a leaky faucet within my unit are my responsibility since it's a separate interest. That's why I have a policy to cover my unit. It's similar to renter's insurance except I'm the homeowner living in the condo.


Yes, that is what I thought. Some people with single family dwellings have HOA's but most dont and a condo does require you carry an HO-8 it is called.

Well, require may not be the right word, though most HOA's do and you add them as additional insured. Or they add you on theirs or both, dont recall. I do mostly commercial insurance but do have a background many years ago in personal lines.

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PostPosted: Thu Aug 16, 2018 1:50 am 
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Yes, that is what I thought. Some people with single family dwellings have HOA's but most dont and a condo does require you carry an HO-8 it is called.

According to the Sterling-Davis Act website, an HOA can require owners to buy insurance. It's called an HO-6 policy. Renters can be required to buy insurance and that's called an HO-4 policy.
Owner/Renter Insurance

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Well, require may not be the right word, though most HOA's do and you add them as additional insured. Or they add you on theirs or both, dont recall. I do mostly commercial insurance but do have a background many years ago in personal lines.

It's up to the HOA's CCRs to determine if the owners are required to carry additional insurance coverage for their units. Our CCRs, written in 1981, don't require it. The HOA can require owners buy an HO-6 or renters an HO-4 policy but they cannot buy the owners/renters a policy and then require the owner/renter to reimburse the HOA because the HOA doesn't have an ownership interest in the unit. Without an ownership interest it's doubtful a carrier would sell them a policy.
Forced Insurance

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PostPosted: Thu Aug 16, 2018 2:01 pm 
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The HO8 home insurance policy is normally used to insure older homes that would be extremely difficult to replace if destroyed. As a result, the HO8 policy normally insures your home at market value, or Replacement Cost. Market value can also be referred to as Actual Cash Value.Jan 27, 2014


It has been a while since i did this stuff, ho4 i knew about, i thought condo was 8, but it is 6...

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PostPosted: Thu Aug 16, 2018 2:17 pm 
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It has been a while since i did this stuff, ho4 i knew about, i thought condo was 8, but it is 6...

It's amazing how much stuff we've learned that we've forgotten.

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PostPosted: Thu Aug 16, 2018 3:37 pm 
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It's amazing how much stuff we've learned that we've forgotten.

Speaking of HOA's


www.youtube.com Video from : www.youtube.com

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