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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
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.
Condo owners must begin reserve contributions in 2025 or 2026. Monthly condo assessment fees jumped by nearly 60% over the past five years in South Florida. Then there are the special assessments ...
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).
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.
Rising utility costs and insurance costs paid by condo owners are a factor in affordable housing because these costs get passed down to the renter if the condo is a rental.
For example, a landlord in a commercial building will often require that a tenant have the landlord named as an additional insured on the tenant's insurance policies. [5] In this manner, if there is an accident or loss on the tenant's premises (such as a fall or a fire), then the landlord will enjoy the benefits of the tenant's insurance coverage.
The California Fair Access to Insurance Requirements, or FAIR, Plan was established in 1968 in order to provide insurance coverage to homeowners in high-risk areas, whether that means their ...