I buy a unit in a condominium. The condo gets demolished. What compensation do I get?

Question

Demolition is a result of: earthquake, hurricane, fire, condemned building. I have no real-estate insurance.

Do I get all my money back? Do I get a fraction of it back? Do I lose everything? Is it the responsibility of the building owner/developer to "relocate" or provide me with a new place to live?

I would like to know how the law treats these cases (feedback appreciated from around the world)

Answer 1

The condominium probably has an insurance policy, but mostly to cover the common areas of the building.  As a condo-owner you would be expected to have your own insurance policy to cover your investment in the property, as well as the property inside such as furniture and valuables.

The difference between a condominium and a co-op is that legally, the condominium is an owned unit, just like a house - it just happens to be connected to other people's units in the same complex.  If you own a co-op, you have a "share" of the building based on the size of your unit, and collectively you and the other owners own the entire building.

So for a condominium unit, you would be expected to insure your own property.

Answer 2

You get nothing and no it's no body's responsibility where you go but yours!  You are supposed to have insurance!

Answer 3

You will be eligible for a small grant or a larger low interest loan, but only if the government declares the area an official disaster area.  This is ALL you are eligible for.  When you BUY a condo, you OWN it, and it's YOUR problem.

In my opinion, someone without insurance should get NOTHING.  I pay over $2,000 per year for insurance on my house so no one else's tax dollars will ever have to go to bailing me out.

If I ever meet someone who lost their house and is living off of MY tax dollars with a loan or grant, I'll kick the living sh** out of them.