[WSBARP] Building Insurance on Townhome Unit Lot Subdivisions

[Randy Boyer]

Listmates

RCW 64.90.470 requires property insurance by the Owners Association on buildings that are attached to adjoining units.  There is no distinction between condominiums and subdivisions.  I am finding that numerous developers feel that this provision does not apply to unit lot subdivisions.  They are not having a master policy on the building but allowing individual unit owners to have their own property insurance on the townhome units.  I am told that attorneys feel that is allowed under RCW 64.90.470.  I do not read the statute that way.

I have a client that says if they include the cost of a master policy the unit dues are substantially higher than nearby developments that do not carry a master policy.  That will impact the sales of the units given the higher dues.  Of course the Unit owner is going to pay for their own insurance if not paid by the Association but buyers and lenders look at the dues.

Is my interpretation of RCW 64.90.470 incorrect?

Randy
Randy M. Boyer                                                 ______
Attorney, WSBA# 8665
Law Office of Randy M. Boyer, Inc. P.S. 
7017 196th St. S.W.  Lynnwood, Washington 98036
( 425.712.3107|   Fax 425.778.2274
mail to: randyedlynlaw at gmail.com <mailto:randyedlynlaw at gmail.com>
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