South Holland — Ch. 8.5 Housing § 8.5-29
Exclusions
Operative Text
(a) Financial losses due to the occurrence of physical perils shall not be afforded coverage by this article. (b) Depreciation due to failure to maintain in good repair the insured residence shall not be covered. This exclusion is reflected in the adjustment procedure of section 8.5-27 (e), whereby a new, lower appraised valuation is derived reflecting this type of depreciation. (c) Any person who knowingly affirms falsely to any matter or thing required to be affirmed by the terms of the equity assurance program is guilty of perjury. (d) Any fraud, misrepresentation, or concealment on the part of a member in any process involving this article or the EAC shall negate all coverage provided that member by this article.
South Holland's Ch. 8.5 Housing § 8.5-29 sets out four categories of exclusions from the municipality's equity assurance program. Physical-peril losses (such as fire or flood damage) and depreciation caused by a property owner's failure to maintain their home in good repair are not covered under the program. Additionally, any member who makes a knowingly false statement in connection with the program may face perjury charges, and any fraud, misrepresentation, or concealment by a member voids all coverage that member would otherwise receive.
Plain English — not legal advice.
Property owners participating in South Holland's equity assurance program under § 8.5-29 should be aware that coverage is not available for losses tied to physical perils or for depreciation that results from deferred maintenance. The adjustment procedure in § 8.5-27(e) reflects maintenance-related depreciation through a revised, lower appraised valuation. Operators who administer or assist with program applications are expected to ensure that all submitted information is accurate and complete, since any misrepresentation or concealment can result in the forfeiture of a member's coverage.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Homeowners enrolled in South Holland's equity assurance program should understand that § 8.5-29 limits what the program will cover: losses from physical perils and value declines caused by poor upkeep fall outside the program's protections. Members are required to provide truthful information throughout any program process, and knowingly false statements can constitute perjury under this section, while fraud or concealment can eliminate coverage entirely. Residents with questions about how these exclusions may apply to their enrollment or claims can consult the South Holland Equity Assurance Committee (EAC) directly or seek guidance from a tenant- or homeowner-rights organization familiar with local housing programs.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated November 10, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
Effective Timeline
References In
Rules and statutes that cite this regulation