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All-in coverage: This is the most inclusive type of coverage provided by some condo associations. This type of policy takes walls-in coverage and adds coverage for a homeowner’s upgrades and ...
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 ...
Condo unit owners and co-op shareholders may want to consider adding optional coverage for loss assessments. Homeowners who live in a homeowners association might also want to consider this coverage.
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 ...
Progressive says that standard condo insurance policies generally provide a certain level of loss assessment coverage. But depending on your policy, it may not be enough to cover the cost of a ...
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).
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 ...
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.