Cohousing-L Mailing List: Re: our own insurance

[jehako (jehako]

Hi-

I don't know about self-insurance, but I can tell you from experience that 
condominiums are just about the hardest type of residential property to rebuild 
after a disaster. You need really deep reserves and other financial resources, 
such as insurance, to even get started. Many mortgage companies will just 
foreclose on exisiting mortgages as soon as they decently can. 

It is very difficult for condo boards to meet when folks are living in 
temporary digs elsewhere and it is very hard to get the signatures of all 
owners if that is required for some rebuilding expenses or to levy a new 
special assessment. Owners often won't agree to a special assessment if they 
are also dealing with condo fees for an unoccupiable unit and rent for a 
temporary apartment.

The ones that make it back have deep pockets, good insurance, solid reserves, a 
friendly lender, strong community ties and communications, AND a plan in place 
prior to the disaster event.

Jessie Handforth Kome
Eastern Village Cohousing
Silver Spring. MD 
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