Do you own a townhome or condo? They are springing up all over the greater Des Moines Area like volunteer corn in a bean field. In the sunbelt states, where townhomes and condos have been common for many years, there are extensive laws, regulations and case law pertaining to townhomes, condos and the Home Owners’ Associations (HOA) that govern them. Iowa is still catching up and that can be a problem for owners.
Debbie and I live in a townhome community in West Des Moines called Bridgewood that is just west of Jordan Creek Town Center. We have been active in our community and served on the board and various committees over the last 15 years. We also write insurance for many clients that own property in other HOAs. We see huge variations in declarations and by-laws.
Your declarations and by-laws must be analyzed to help minimize your exposure to financial loss. Be sure to consult your HOA agreement to determine what the HOA policy covers and what is your responsibility. For example, if common areas are damaged, your HOA may levy assessments against all the owners to pay the deductible on their HOA policy.
Debbie Conroy can help you determine your coverage needs to make sure you are aware of your exposures to loss. Call her at 515 528-2377 or by e-mail at debbie@ConroyLLC.com. For a real-time comparative quote click here.