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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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Greetings Dimitry We are about to get a new HOA policy. It

Customer Question

Greetings Dimitry We are about to get a new HOA policy. It is my understanding that both owners have the right to file for claim but agent suggested that we had a written agreement. below is what the agent suggested, I would like help creating such agreement
letter, if you're available, I was wondering if i can afford your help creating such letter based on the following paragraph; "I also recommend you create a written agreement to direct who will pay the deductible on the master policy in the event of a claim.
Without any written agreement the deductible would be the responsibility of the HOA, which would then be split between the two of you. You might consider requiring the owner that files the claim to pay the deductible. If damage is done to both units then you
could split the deductible. The contents of the agreement is up to each of you, but having this in writing will help reduce delays in any future claim handling and provide coverage on your individual unit owners policy for the master policy deductible. The
unit owner policy will pay for expense that the you are responsible for. If you have a written agreement that requires you to pay the HOA deductible then your unit owners cover can extend to that $1,000 expense." Here is the agent's suggestion: "I also recommend
you create a written agreement to direct who will pay the deductible on the master policy in the event of a claim. Without any written agreement the deductible would be the responsibility of the HOA, which would then be split between the two of you. You might
consider requiring the owner that files the claim to pay the deductible. If damage is done to both units then you could split the deductible. The contents of the agreement is up to each of you, but having this in writing will help reduce delays in any future
claim handling and provide coverage on your individual unit owners policy for the master policy deductible. The unit owner policy will pay for expense that the you are responsible for. If you have a written agreement that requires you to pay the HOA deductible
then your unit owners cover can extend to that $1,000 expense."
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Dimitry Esquire replied 1 year ago.
Hi and thank you kindly for requesting me to assist you with your concerns.
I can definitely assist but I am logging off right now to get some rest. Do you mind if I review your question in full detail early morning and then provide you with a fair estimate? I am afraid that at this point in time I would do more harm than good if I try to draft something overly complicated. Please advise! If yes, I promise to get back to you as quickly as I can.
Customer: replied 1 year ago.
Greetings Dimitry
I understand, it must be so late for you out there(I believe we are 3 hours apart, correct?)But I must warn you that am pressed for time, as the co-owner has cancelled the old HOA policy as of tomorrow
so I am hoping to have a letter together by morning time so that we both can sign it.the terms should be simple but include with has been suggested by the agent:
"a written agreement to direct who will pay the deductible on the master policy in the event of a claim.
Should we agree to split between the two of us for the most part, if the damage is done to both units.And the unit owner policy will pay for expense that the unit owner is responsible for. If owners have a written agreement that require them to pay the HOA deductible then each unit owners cover can extend to that $1,000 expense.
.
Expert:  Dimitry Esquire replied 1 year ago.
Hi, I am online and I am able to assist. Please let me know if you are available as well
Customer: replied 1 year ago.
yes I am available
Expert:  Dimitry Esquire replied 1 year ago.
Hi,
Great. One quick question--did you discuss this amendment or change with the other owner? I ask because typically you want the deductible to pay for common areas, but have each individual units be responsible for separate property damage. Please advise.
Customer: replied 1 year ago.
Hi Dimitry
no, I have not discussed with the other owner, but I wanted to be proactive and figured that I would be better off if I had created one based on your professional advice.
Indeed I would like to include what you have suggested :
" have each individual units be responsible for separate property damage"
Customer: replied 1 year ago.
in other words, after your advice from last night, I contacted the owner just say that she should go ahead to the payment the electronic payment for the HOA insurance and I would be reimbursing her for my share afterwards.
Expert:  Dimitry Esquire replied 1 year ago.
Hi, Then it may help (and save you money) to discuss first. What you are asking is a fairly substantial piece of writing, and because of that it would likely be fairly expensive. I do not wish to offer charges or perform the work if the person won't sign or won't agree (I can, but you would then be exposed to costs that you could have avoided). Perhaps speaking with him first is necessary, and if he agrees, I can help create some language that would help.
Expert:  Dimitry Esquire replied 1 year ago.
Hi, That should be more than sufficient, and so long as that is in writing (via email), it is sufficient to agree to terms. Please understand that writing this for you is not an issue, but if I see not value in it, or rather the cost is too much based on your needs, I will point it out. Sincerely, ***** *****
Customer: replied 1 year ago.
Dimitry, I understand your concern
But I know for a fact that the owner agreed to the agent's suggestion which is as follows:
I also recommend you create a written agreement to direct who will pay the deductible on the master policy in the event of a claim. Without any written agreement the deductible would be the responsibility of the HOA, which would then be split between the two of you.
1-You might consider requiring the owner that files the claim to pay the deductible.
2- If damage is done to both units then you could split the deductible.The contents of the agreement is up to each of you, but having this in writing will help reduce delays in any future claim handling and provide coverage on your individual unit owners policy for the master policy deductible.
3-The unit owner policy will pay for expense that the you are responsible for.
4-If you have a written agreement that requires you to pay the HOA deductible then your unit owners cover can extend to that $1,000 expense.So, do you think the statement above covers your initial concern and allows for the creation of an one page agreement letter?
Expert:  Dimitry Esquire replied 1 year ago.
I think it does.
Expert:  Dimitry Esquire replied 1 year ago.
However in this case it would likely be cheaper for you to handle this on your own, and I can help edit it. Again, I can write it, but it would be more cost effective to amend or modify if needed.
Customer: replied 1 year ago.
Hi Dimitry
Very well then, I understand.
Perhaps this posting was a bit premature since its purpose was to created a draft of the agreement based on a paragraph.
I am therefore canceling this request
For now, I will only focus on moving ahead with getting the new HOA policy and continue splitting HOA costs in half as needed.
Kind regards,
Expert:  Dimitry Esquire replied 1 year ago.
Not a problem, and glad to help!

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