Elena is famous for asking brilliant questions about things no one else considered. Yesterday she focused on the collapse of the apartment building in Sunrise, Florida. She didn't discuss the loss of life. What she was curious about was who was going to pay the 136 families for the loss of their apartments.
I could not come up with an immediate
answer. I asked my excellent State Farm Agent Joline Banks.
She said that the homeowner's association had
to pay them for the loss of their units.
I have had two awful experiences with
homeowner's associations from 2001-2004 and from 2010-2017. There is one
interesting feature that they offer. A property owner does not have to buy
homeowner's insurance. The HOA provides this. I am going to assume that the
Champlain Towers South Condo Association provided such homeowner's insurance.
Those who survived the collapse of the tower and the heirs of those who did not
survive should be able to get a payment (eventually) from the homeowner's
insurance policy.
The problem area is how the families of
those killed will get compensation for the loss of their loved ones. The HOA
has a $5 million liability policy. That will be exhausted quickly. Some of the
apartments in that building were worth over $1 million US. Those who died were
often affluent professionals. Payments for their loss could be quite high. Many
families will come up short of what their court judgments are.
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