A Hurricane? And You’re Not Covered?
A recent issue of Realty Times discusses what thousands of victims of Hurricane Sandy already know: Homeowners in HOAs Co-ops and Community Associations aren’t eligible for storm coverage.
Huh? What’s that again?
FEMA, the Federal Emergency Management Agency, says Homeowners Associations are private businesses. As such, a homeowner who’s damaged in a major disaster can’t get federal grants. If they’re lucky they might qualify for loans, but by buying into a Homeowners Association a homeowner is actually just a shareholder in a business enterprise, not a real homeowner.
So, all you great people who bought into a condo, townhome, co-op, or Homeowners Association don’t wait for that check from the feds. It’s probably not coming!