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A condo or co-op master policy rarely provides coverage for personal belongings, so you want to make sure you have enough coverage on your own insurance. ... Experts recommend requesting free ...
However, your policy’s loss assessment coverage, if you have it, may protect you from out-of-pocket costs if a loss exceeds your HOA’s master policy limit. HOA insurance vs. condo insurance
Here's what your Florida condominium association insurance master policy covers versus your own HO-6 policy.
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).
An owner of a single-family home, condominium, or multi-family building may engage the services of a professional property management company. The company will then advertise the rental property, handle tenant inquiries, screen applicants, select suitable candidates, draw up a lease agreement, conduct a move-in inspection, move the tenant(s ...
Builder's risk covers perils such as fire, wind, theft, vandalism and many more. It typically does not cover perils such as earthquake, flood or hurricane damage unless the policy has been specifically endorsed to do so. [3] However, earthquake riders can be economical, depending on where a project is located.
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While condo master policies should cover 100 % of replacement costs for common areas or facilities, some associations say their members can no longer afford full coverage, leaving their buildings ...