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Jan 2, 2025
10:58
:24
am
YSMACK
Truly Addicted User
The unit owner should only need an HO6 policy. The HOA must provide the master
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YSMACK
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YSMACK
Joined
Oct 29, 2001
Last login
Jan 4, 2025
Total posts
54,668 (3,428 FO)
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Messages
Author
Time
One of my employees just messaged me and told me their hazard insurance
WhirleyPop
Jan 2, 10:44am
There is a clause in every loan contract for homes and cars that's says if your
cougarfann888
Jan 2, 10:46am
You have an employee with a $8M home?
Indy Coug
Jan 2, 10:46am
Nope... it's a townhouse in Tooele county
WhirleyPop
Jan 2, 10:50am
Then something is not right. You can't be insuring something for multiples of its actual value
Indy Coug
Jan 2, 10:51am
No, his employee has an $8mil townhome
530Coug
Jan 2, 10:51am
Yeah the mortgage company can force place coverage but if they are in an HOA the
Ycrazy
Jan 2, 10:46am
The unit owner should only need an HO6 policy. The HOA must provide the master
YSMACK
Jan 2, 10:58am
Exactly, I am wondering if HOA let policy lapse and so mortgage company is force
Ycrazy
Jan 2, 11:02am
Tell him to burn down his home before they figure out the mistake
Longseason
Jan 2, 10:53am
Get a $75k loan, pay the insurance and pay a homeless dude $25k to burn the
foofcoug
Jan 2, 10:54am
My mortgage company has become exceptionally annoying with this.
jxncoog
Jan 2, 10:56am
I've seen this before. They likely confused the project with the unit.
YSMACK
Jan 2, 10:57am
"Forced placed insurance" is a real thing. Insuring a townhouse in Toole for $8M is not a real thing.
HarlemCoug
Jan 2, 10:59am
He needs to send his mortgage company a copy of the master HOA policy.
Junior Deputy
Jan 2, 11:01am
I don't understand the HOA thing?
BYU71
Jan 2, 11:08am
meaning the entire townhome as one building, not the HOA as a neighborhood
DiamondMo
Jan 2, 11:14am
Duh, my bad. Thanks.
BYU71
Jan 2, 11:18am
In HOAs where the building is attached to others, as in a townhouse, it is
Junior Deputy
Jan 2, 11:14am
In Utah, it isn't just typical, it is required by statute.
YSMACK
Jan 2, 11:22am
Neat
Junior Deputy
Jan 2, 11:46am
I guess. It is an important distinction though.
YSMACK
Jan 2, 11:51am
HOA bylaws have insurance requirements
jxncoog
Jan 2, 11:15am
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