Search results
Results From The WOW.Com Content Network
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
Loss assessment coverage can help pay if you are assessed for a covered claim, which is a fee assessed to all units to cover the deductible and other amounts paid by the association. For example ...
The peace of mind could be worth the financial loss I bought a condo 1 year ago to escape rising rents — but it’s been a nightmare with HOA issues, fees and endless stress. I’d lose up to ...
Homeowner's policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. This means that it covers damage to one's property and liability for any injuries and property damage caused by the owner or members of ...
A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.
While excess insurance similarly pays out after a primary policy’s limit is reached, key differences set it apart from umbrella insurance. Excess insurance typically operates as a "follow-form" policy, mirroring the coverage of the underlying policy and simply adding an additional limit stacked atop the primary one.
Functional - Loss in value for some functional or design aspect of the property. External - Loss in value for something outside of the property. Physical depreciation is most familiar. As a structure ages, there is an effect on value. For example, buyers may reduce prices because they expect to make expensive replacements soon.
Per the new Florida law, all three-story-plus condo buildings and at least 30 years old must undergo a mandatory engineering assessment before Dec. 31, 2024. Condo associations must also shore up ...