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Think of condo insurance and HOA insurance coverage as a puzzle; you likely need to know what the HOA covers in order to build a condo policy that fills the gaps. Do you need loss assessment coverage?
Medicare. News. Science & Tech ... Homeowners do have some options to ease the financial strain of a special assessment. A condo board may allow it to be paid over several months in installments ...
Progressive says that standard condo insurance policies generally provide a certain level of loss assessment coverage. But depending on your policy, it may not be enough to cover the cost of a ...
Special assessments often require a homeowner-vote if the amount exceeds a prescribed limit established in the association's by-laws. In California, for example, a special assessment can be imposed by a board, without a membership vote, only when the total assessment is five percent or less of the association's annual budget. Therefore, in the ...
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).
Other media reported that condominium owners in Ocean City were "grappling with substantial financial obligations" as a result of the law. [47] Some firms predicted that the law could put pressure on housing prices and result in a potential rise in "significant special assessments," large shortfalls for reserves, and result in an influx of ...
Some condo owners facing whopping special assessment fees may have no option but to sell their unit — especially retirees on fixed incomes, or younger Americans who used all their savings to buy ...
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.