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Homeowner Defenses That Could Be Used in the HOA Foreclosure Process. As an HOA Board member you may be faced with the task of having to make the decision to foreclose on homes in your association. Weâve all been challenged by the financial climate these last few years and it is going to take some time to bounce back.
On your condo policy, you'll likely need just enough dwelling protection to rebuild the interior of your unit (everything from the wall studs in). Repairs on the outside of the building, exterior walls, hallways, elevators, etc., if they were ever destroyed by a covered risk, would fall under the HOA insurance. In some cases, your HOA includes coverage for the interior structures of your unit, too, which could lessen how much condo insurance you need. Under homeowners insurance Dwelling coverage under homeowners insurance should be high enough to cover the total rebuilding cost of the house and other structures on your property (fences, sheds, carports, etc.). Because the price to rebuild is often higher for homes than condos, homeowners tend to require a good deal more dwelling and structural coverage.