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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 ...
Medicare. News. Science & Tech ... Homeowners do have some options to ease the financial strain of a special assessment. A condo board may allow it to be paid over several months in installments ...
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 ...
A certificate of occupancy is a document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.
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).
If you can’t pay a special assessment fee, there may be consequences, depending on your contract with the condo association. This may include a fine or late fee — only adding to your financial ...
In the meantime, the community’s townhouse owners hope that postponing the vote may give them more time to gain some insight into why the special assessment fee is so high.