Why Arizona homeowners may have higher HOA dues
Homeowners in Arizona, reportedly the second most expensive state in the US for HOA fees, are experiencing steep hikes in their fees, driven by escalating insurance costs. An HOA can see its insurance premium jump anywhere from 20% to 300% because of just one or two claims, with one HOA experiencing a premium increase from $60,000 to $249,000 annually, according to a board member. To mitigate future claims and fee increases, some boards are mandating owners to replace water heaters every seven years and use smoke and fire alarms.