This is a prime example why all associations should maintain more money in the reserve fund than the reserve study says is 100%. For my community a $2,000.00 special assessment would come out to be only $348,000.00. Wrongful death suits award millions of dollars to the survivors. It would cost each owner in my community around $5,747.00 each to cover a 1 million dollars and $19,500.00 to pay a 3.4 million dollar suit like the one in Hawaii. With most policies covering only 1 million leaving the owners to cover the balance, it would still cost 11k each.
How much would you have to pay if your community had to cough up this kind of cash? Everyone thinks it can never happen to them until it does.
http://articles.orlandosentinel.com/2012-03-29/business/os-trayvon-martin-hoa-20120329_1_cyber-citizens-homeowner-crime-watch-members
http://www.orlandosentinel.com/videogallery/69134959/News/Atty-Civil-lawsuit-likely-in-Martin-shooting
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