Q: My HOA is voting Yes/No to purchase EQ Ins. if a majority of Home Owners vote No, what are the HOA Board obligations?
Common sense tells me we live in earthquake territory, thus we should have Earthquake Insurance. The cost is high and some homeowners are willing to take a chance and not spend the money. My townhome, is a major part of my retirement savings and I am not willing to gamble it away and would rather purchase insurance. Are there any requirements of the HOA Board to ensure that the assets are protected, including Earthquake Insurance?
A: The simple answer is that, assuming that the vote should be decided by all members of the HOA. If the response of the voting is a "no," you can always purchase separate Earthquake insurance to protect your personal property and other assets. I agree that all HOAs should have earthquake insurance to cover the buildings and common areas. But, not all owners want to spend the money.
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