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Condo insurance is for people who own their unit, while co-op insurance is for people who own shares in the building. Homeowners insurance vs. condo insurance Buying a condo is more similar to ...
Apartment buildings and multiple-family housing make up a more significant share of the housing stock in the New York City area than in most other U.S. cities as over 75% of apartment buildings in NYC are co-ops. Reasons suggested to explain why cooperatives are relatively more common than condominiums in the New York City area are: [38]
A condop, a portmanteau of the words condominium and cooperative (or "co-op"), is a co-op inside a condo. [3] Stepping back, condominium owners actually hold title to a piece of real estate. Co-op owners are actually shareholder-tenants with shares in and a long-term lease from the co-op corporation. In all co-ops, a corporation owns the building.
A building co-operative is a co-operative housing corporation where individuals or families work together to directly construct their own homes in a cooperative fashion. Members of this type of co-operative purchase building materials in bulk and co-operate with other members of the co-op during the construction phase of the co-operative.
Insurance coverage plays an outsized role in the decision to move or invest resources into reconstruction. For some with insurance, it could boil down to having pictures of the property before the ...
Renters insurance is getting harder to come by and more expensive in California as insurers pull back from the state's troubled homeowners market, which has been hard hit by wildfires.
Housing cooperative (or Co-op): a form of ownership in which a non-profit corporation owns the entire apartment building or development and residents own shares in the corporation that correspond to their apartment and a percentage of common areas. In Australia this corresponds with a "company title" apartment.
An insurance policy is a contract where the homeowner and insurance company agree that in exchange for a premium payment, the insurance company will provide compensation for the repairs or ...