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Condominium is an invented Latin word formed by adding the prefix con-'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'. [4] Condominia (the Latin plural of condominium) originally referred to territories over which two or more sovereign powers shared joint sovereignty. This ...
Piecing together the puzzle that is a condominium insurance policy can be tricky. As a condo owner, your insurance needs differ from those of a single-family homeowner. Understanding those ...
Homeowners insurance vs. condo insurance. Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly ...
The Condominium Act requires every association to carry an insurance policy to cover the full replacement value of all structures on the property.
The Canadian Condominium Institute is a non-profit association of condominium owners and corporations with chapters in each province and territory. [2] The Condo Owners Association COA Ontario is a non-profit association representing condominium owners with divisions across the province and districts within the various municipalities. [3]
The remaining 21.3% of home insurance policies were covered by renter's or condominium insurance. 14.8% of these had the HO-4 Contents Broad form, also known as renters' insurance, which covers the contents of an apartment not specifically covered in the blanket policy written for the complex. [13]
HO-6 insurance, on the other hand, is typically only available to condominium owners. HO-3 policies will normally include coverage for an owner’s personal belongings as well as liability.
Condominium: a form of ownership with individual apartments for everyone, and co-ownership (by percentages) of all of the common areas, such as corridors, hallways, stairways, lobbies, recreation rooms, porches, rooftops, and any outdoor areas of the grounds of the buildings. Townhouses and apartments which are owned in the condominium form of ...
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