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HOA's Insurance Claim for Hurricane Damage Is Denied Due to Late Notification to Carrier

An HOA in Florida with 380 residential units sustained property damage from a hurricane that struck the Florida coast on October 24, 2005.  At the time of the hurricane the HOA carried $5,00,000 in insurance. Shortly after the hurricane, the HOA’s board of directors was aware of the fact that some damage had been sustained, but apparently based on their own determination that the cost to repair the damaged that had been observed would not exceed the $100,000 deductable for the policy, no claim was made. Interestingly, in March of 2006, the HOA’s board imposed a special assessment in the amount of $150,000 on the homeowners in order to pay for the repair of damage caused by the hurricane.