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Condo unit owners and co-op shareholders may want to consider adding optional coverage for loss assessments. Homeowners who live in a homeowners association might also want to consider this coverage.
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Condo owners must begin reserve contributions in 2025 or 2026. Monthly condo assessment fees jumped by nearly 60% over the past five years in South Florida. Then there are the special assessments ...
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions).
Homeowner's policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. This means that it covers damage to one's property and liability for any injuries and property damage caused by the owner or members of ...
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Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.
Condominium buildings with roofs too old or too damaged to qualify for insurance will get some relief — the state’s ... noted that condo associations of 200, 300 and 400 people have a great ...