Question:
For the past two months, my husband and I have been diligently working to refinance a property. According to Fannie Mae guidelines, the property is currently considered underinsured. Unfortunately, we have found ourselves caught in a frustrating cycle with the Homeowners Association (HOA), as we’ve been attempting to have the insurance revised. Despite our efforts, there has been little progress, and it seems the HOA is not taking the necessary steps to address this crucial issue. We have already fulfilled our obligations by paying for all assessments and the increased HOA fees, but we have yet to see any meaningful assistance from them over the past month. The stakes are high, and we fear we may lose the property soon. If there is any assistance you can provide or any direction you can point us to for further help, we would greatly appreciate it.
– Youvela
Answer:
Hi Youvela,
Kindly review the insurance requirements of your HOA by checking the governing documents. The provisions of state law such as the Florida Homeowners’ Association Act may also outline requirements regarding insurance. If the HOA is underinsured, you may raise this with the board at a board meeting. You may also speak with them by exhausting all forms of communication including calls, text, mail, and email. You may also visit them in person if possible.
If necessary, you may opt to remove the problem board member(s) according to the provisions outlined in the governing documents or the Florida Not for Profit Corporation Act Section 617.0808. For further guidance, kindly consult a lawyer.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
