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Key takeaways. Increases in homeowners-insurance costs mean that homeowners association fees are on the rise as well. Homeowners may face large one-time special assessments in addition to ...
Yet another torrid tale has emerged of Florida homeowners being hit with eye-watering special assessment fees as building managers race to be in compliance with a new state law.. This time, it’s ...
A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. According to the report, the condo board approved the special assessment fee based on findings from ...
While variations of the concept of special assessments have existed in a number of the world’s nations since the 1600s, [2] in the US a special assessment is more formally defined through court action as remuneration that a governmental unit may demand from property owners to fund a public project which creates a "benefit" in properties lying ...
In the meantime, the community’s townhouse owners hope that postponing the vote may give them more time to gain some insight into why the special assessment fee is so high.
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).
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 ...
Homeowners insurance vs. condo insurance. Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly ...
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