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The potential for huge one-time payments is fueling a surge in selling activity, Nicolas says: “We are getting lots of listings from people who want to sell their older condos because of special ...
A standard home insurance policy offers coverage for your home’s structure, other structures on your property, personal property, guest medical payments, liability coverage and additional living ...
Condo boards have been hit with higher premiums for their commercial condo association policies — prices increased 6.6% in the second quarter of 2024 compared to the second quarter 2023 ...
The Condominium Act requires every association to carry an insurance policy to cover the full replacement value of all structures on the property.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
Rising utility costs and insurance costs paid by condo owners are a factor in affordable housing because these costs get passed down to the renter if the condo is a rental.
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