Home Insurance, HOAs, and Paid Off Mortgages
I received an email over the weekend that asked an interesting question with implications for homeowners and homeowner associations. The question came from an individual who handles the association insurance policy for a community of duplexes owned by active adults over 55. Her question addressed a concern she has about several homeowners who have paid off their mortgages and, as a result, may not carry home insurance. She asked, “If one side of [a] duplex is damaged who repairs the whole roof?”