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A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. ... At least one resident is now contemplating selling his unit due to the financial strain ...
Key takeaways. Increases in homeowners-insurance costs mean that homeowners association fees are on the rise as well. Homeowners may face large one-time special assessments in addition to ...
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 ...
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 ...
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).
In November 2024, residents of the Rockland Run condominium community, of 241 units, in Baltimore County, shared their concerns with The Baltimore Banner about rising costs, including a 15% raise in dues and a "$250,000 special assessment" that has to be split among residents, and noted that one resident asked the Maryland Office of the ...
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