Oregon HOA and condo insurance, where the condominium act and the planned community act set different property bars. The condo statute names no replacement-cost floor, while the planned community statute requires full replacement cost

For condominiums, the Oregon Condominium Act at ORS 100.435 requires the association to maintain property insurance covering the common elements, and the units where the association has repair or reconstruction authority, against fire, extended coverage, vandalism, and malicious mischief, plus liability insurance covering the association, its agents, and the unit owners. Notably, the statute names no replacement-cost percentage and sets no replacement-cost standard for the amount of that property insurance. Because the condominium act does not fix a floor, the governing documents and the lender requirement control the valuation question, so the program has to be read against those rather than against the statute.

For planned communities, the Oregon Planned Community Act at ORS 94.675 is more prescriptive on amount: it requires insurance on the insurable improvements in the common property that covers the full replacement costs of any repair or reconstruction, if that insurance is available at reasonable cost. That makes the planned community standard align closely with the Fannie Mae warrantability bar, while the condominium standard leaves the amount open.

Both acts prescribe a statutory fidelity requirement, and the Oregon formula is distinctive. ORS 100.435 and ORS 94.675 require fidelity coverage for all persons with access to association funds, including directors, officers, employees, managing agents, and the employees of a management company, extended to computer fraud and funds-transfer fraud, in an amount at least equal to the combined funds held in the name of the association plus any United States government obligations the association owns. That ties the fidelity minimum to the actual money on hand, so it should be recomputed as association balances change. The condominium act also caps the property deductible at the greater of the Federal National Mortgage Association maximum or ten thousand dollars, subject to a board resolution.

A condominium association can satisfy ORS 100.435 with a property amount that still falls short of the full replacement-cost standard a conventional lender requires, so treat the lender bar, not the silence of the condominium statute, as the operative property standard.