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What is the financial responsibility of California condo owner in earthquakes?
Wiki User
∙ 14y ago
You can find the answer you need in your governing documents.
California's condominium law may define default lines of ownership, indicating where a unit owner's ownership ends and the condominium association's ownership begins.
Your governing documents may change, alter re-state or otherwise amend these state default ownership lines.
The association's master insurance policy may or may not include earthquake coverage. And your homeowner's insurance may or may not include earthquake coverage.
Finally, the insurance deductible for earthquake repair is usually a separate deductible (from the master policy deductible), and is generally substantial. The association may or may not have included this higher deductible in your monthly assessments -- usually not; you may or may not have the liquid assets necessary to be able to write a deductible check.
In the event of an earthquake, you can work with your board to determine who has the responsibility to repair -- the owner or the association; and who has the responsibility to pay for the repair -- the owner or the association.
Working through this scenario for your unit and for your association is a good exercise, so that all parties involved understand before an earthquake occurs, who is responsible for what and the dollar amounts involved.
California is 'earthquake country' with the entire state being labeled as 'high risk' and 'lower risk' and none of it labeled as 'no risk'.
Wiki User
∙ 14y ago
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