You get homeowners insurance that covers the interior of your unit and it’s contents — “drywall in” is sometimes the term you hear in reference to what owner is responsible for. The condo association also has insurance that protects the common elements like roof, hallways, lobby, elevators, etc. The association also collects monthly dues and sets aside a portion into reserves for use on larger capital projects like roof replacement, elevator overhauls/replacement, exterior tuck pointing, etc.
My parents condo has an HOA, apparently they’re common in large condo complexes. A bad foundation caused a wing of the building to sink 6″ -cost a boatload of money to fix, luckily it didn’t fall completely. It’s like 12 stories.
the HOA agreement had legal language in it that said certain major repairs like that could be split among all three buildings, equally per unit. So my parents and everyone else got 40K$ tacked onto their mortgage.
The area of the building they live is what sank, but people who weren’t effected had theirs go up too. I don’t remember why the HOA insurance didn’t cover all of it – something about maintenance not being done properly.
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