Originally Posted by
socrates
I'm sorry things must have changed since you involved in the industry - ever since MI entered the business over 25 year ago there has never been a requirement that TS Owners carry HO6 (or any HO type policies) by either state law or as a requirement for their mortgage.....I dont know if it was ever a requirement but I'll take you're word that it was at one time...for the past 25+ years the TSOA is required though to have proper commercial insurance similar to what a commerical building (ie hotel) would have but this is very different than I guess what was required when you were in the industry...it doesn't really matter who's paying the premium - the coverage is the same regardless if Kimberly Clark is the paying policy, MI is paying the policy or if a TSOA is paying
I never said that time share owners have to carry homeowner's policies directly, and as a matter of fact, I said that would be somewhat impractical. What I did say is that the timeshare association (that is what common expense means) must carry a policy which the timeshare owners pay for through their annual maintenance payments. Insurance is a common, or condominium, expense, which must be part of the budget, and must be paid by the owners prorata.