California homeowner associations are required to carry a sufficient amount of property insurance coverage, and most HOA’s do. Unfortunately though many HOA’s I’ve come across fail to include an extremely important coverage endorsement, building Ordinance or Law coverage.
What is HOA Ordinance or Law coverage? In simple terms, ordinance or law provides the funds needed for HOA demolition, reconstruction, and building code upgrades.
Why do I need it? As the years pass building codes rapidly change. Example, did you know that since January 1st, 2011 California code requires fire sprinklers in both single family dwellings and apartment complexes? Starting January 1st 2014 California buildings are now required to build according to new energy efficient standards. Meaning upgrades like dual pane windows, top of the line insulation, and all kinds of high tech materials are necessary. THESE ARE JUST 2 CODES!
Look UP for a second… No I don’t mean at the photo, I mean up at your ceiling. Do you see any fire sprinklers? Was your home built with the latest and greatest expensive high tech material. If not, YOUR responsible for these completed upgrades in the event of a disaster. Are you able to come up with tens of thousands of dollars out of pocket? Most building owners will say no.
I’ve personally placed apartment buildings, HOA’s, and homeowners into quality insurance policies that provide Building Ordinance or Law coverage. Call me right now at 949-777-5027, email me at Andrew@CaliforniaQualityInsurance.com, or just fill out the short form to the right.