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Your HOA fees help cover those nice-to-have features, but they also cover an essential must-have: a “master” insurance policy for the property. While individual owners will have a separate ...
The policy payments are usually divided and each member within the HOA pays an equal fee towards the policy. However, the fees may be lower or higher depending on each member’s access to ...
A condo association can increase HOA fees as much as it wants to cover reserves, but condo owners can push back if a budget is 15% more than the previous year, said David Podein, a partner at the ...
Condo owners generally help pay for the association’s insurance in the form of condo or HOA fees. HO-6 policies are named perils policies that generally cover: Damage from aircrafts or vehicles
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.
The owners corporation is responsible for making sure all necessary insurance policies are in place in accordance with section 83 of the Strata Schemes Management Act 1996. The building must be valued every five years in accordance with section 85 of the Strata Schemes Management Act 1996.
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