Protecting your investment is all about arming yourself with information to understand exactly what you CAN do. This is the recommended approach:
• Know your coverage
• Identify HOA coverage (or lack thereof)
• Raise awareness of the issue with HOA members
• Explore individual coverage
First and foremost, you need to establish precisely what you are covered for. Do you have insurance only for interior goods, for instance? What about structural? Next, have the homeowners opted for earthquake insurance, and if so, what is the length and breadth of this coverage? Suppose the HOA has provided insufficient coverage or has opted-out of earthquake insurance. In that case, the next step is to share information with the other owners. Ask to bring it up at meetings or have an informal get-together. Make everyone aware. If the HOA refuses or raises awareness that might 'get you in trouble' (you know what we mean!), then explore personal options. Some providers such as California Earthquake Authority offer statistic-based, rather than 'inflated guess' coverage, which you can take advantage of. Shop around for at least a month to get the best rate.