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The fees also go toward the insurance premium for the master policy. The cost of the fee is determined by the HOA’s board of directors and typically involves maintenance and property cleaning fees.
Here's what your Florida condominium association insurance master policy covers versus your own HO-6 policy.
Instead, the condo association’s master policy will take care of the common areas and building structure, just like a co-op master policy. Both co-op and condo home insurance usually include ...
The cost of homeowner's insurance often depends on what it would cost to replace the house and which additional endorsements or riders are attached to the policy. The insurance policy is a legal contract between the insurance carrier (insurance company) and the named insured(s). It is a contract of indemnity and will put the insured back to ...
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
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).
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Based in Falls Church, Virginia in the United States, the CAI has more than 60 chapters of condominium and homeowner associations [1] [2] [3] with over 45,000 members worldwide. [4] The CAI provides education and resources to help the volunteer leaders and boards that govern community associations.