Condominiums and Earthquake InsuranceWhen the HOA fees include earthquake insurance (structural only, of course), is there any law or standard regarding who would be required to pay the large deductible in the event of an earthquake and subsequent damage?
Answer: This depends completely on the "fine print" of the policy and how the condominium itself is set up. In most cases, one way or the other, you (as one of the owners) are paying the deductible, whether through a special assessment or through savings that the HOA has. I would advise you to read the condominium's bylaws and amendments, to understand how decisions about large pay-outs have been made in the past that might affect you. If you are buying into this property, you can request the bylaws as well as a copy of the insurance policy for the condominium. Ask for it as part of the conditions before you make any offer.