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However, your policy’s loss assessment coverage, if you have it, may protect you from out-of-pocket costs if a loss exceeds your HOA’s master policy limit. HOA insurance vs. condo insurance
A condo or co-op master policy rarely provides coverage for personal belongings, so you want to make sure you have enough coverage on your own insurance.
Here's what your Florida condominium association insurance master policy covers versus your own HO-6 policy.
Passage of the Condominium Act then opened a wave of construction of condominium buildings. [40] The cooperative form can be advantageous as a building mortgage can be carried by the cooperative corporation, leaving less financing to be obtained by each co-op owner. Under condominium ownership only the separate condo owners provide financing.
Under Davis–Stirling, a developer of a common interest development is able to create a homeowner association (HOA) to govern the development. As part of creating the HOA, the developer records a document known as the Declaration of Covenants, Conditions, and Restrictions against the units or parcels within the HOA with the county recorder.
Strata title is a form of ownership and housing tenure devised for multi-level apartment blocks and horizontal subdivisions with shared areas. The word "strata" refers to apartments on different levels.
An owner in Hawaii Kai testified their building's insurer declined to renew their master policy after suffering losses on Maui, and the condo board had to cobble together coverage from multiple ...
Excess insurance is similar to umbrella insurance in that it pays after an underlying primary policy is exhausted. The critical difference is that excess policies are normally "follow form" policies that conform exactly to the coverage of the underlying policy, except that they add on their own excess limit which is then stacked on top of the primary policy's limit.