HOA Sued for $20 Million
Are you in a HOA? If so this is very important to you!!!! There was a case in Nevada that a HOA was sued in court and lost a 20 million dollar lawsuit. What happened was a kid was sitting on a swing set. The top bar came loose and struck the kid in the head causing great injury. Here is a link to the news video below. A typical insurance policy for a HOA is 1 million dollars and there is a policy to cover director and officers for 1 million. In order for the HOA to pay off the rest of the settlement they would need to assess the homeowners of the association to cover the remaining amount of the lawsuit. The question becomes this. How can a home owner protect themselves from similar situations? 1. Make sure to be involved in your HOA. 2. Make sure the community has voted in competent board members. 3. Keep an eye out in the community of potential safety hazards. 4. Make sure you have “Loss Assessment Coverage” on your ho