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The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. [1] In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the ...
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Across Florida, aging condo buildings are facing rising expenses and millions of dollars in structural repairs to comply with new regulations following the collapse of the Champlain Towers ...
Major factors in price estimation include location, coverage, and the amount of insurance, which is based on the estimated cost to rebuild the home ("replacement cost"). [2] If insufficient coverage is purchased to rebuild the home, the claim's payout may be subject to a co-insurance penalty. In this scenario, the insured will be subject to an ...
The crisis follows new laws enacted after the 2021 Champlain Tower South collapse, mandating rigorous safety checks for condos over 30 years old, resulting in massive repair costs and a rush to ...
Dear D.W., You are correct that pursuant to Section 718.111(11), Fla. Stat., in the event of a casualty, such as a fire, the association is responsible to insure, as well as to repair and replace ...
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At one Miami Beach condo, maintenance fees rose by more than 300% this year, forcing long-time owners to move out. At another, an owner faces more than $100,000 in special assessment costs.