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A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. ... building residents claim the process was rushed, needed more transparency, and bypassed the ...
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 ...
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. ... assessed for a covered claim, which is a fee assessed to all units to cover 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).
Others spoke of owners who can't keep up with high monthly maintenance fees and special assessments needed to cover the rising cost of insurance and therefore risk losing their long-time homes.
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.
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