Sentences with phrase «assessment on your condo»

One thing you may be missing is the possibility of a special assessment on the condo.

Insurance policies have specific limits for many coverages, such as jewelry or collectibles and even for loss assessment on your condo policy.

Not exact matches

I'm told that the assessment alone on operating the pool is over $ 100 a month for condo owners in this association.

Eventually, the couple had to pay almost $ 20,000 for their portion of the special assessment, but even with that cost, they still saved $ 60,000 on the fair market value of the condo.

So, if your condo building's roof is damaged and each unit holder needs to pay $ 5,000 to cover the repairs, the loss assessment coverage will pay the $ 5,000 on your behalf (minus any deductibles).

If you buy a condo, talk with your insurance agent about a loss - assessment rider and get appropriate coverage based on your and your HOA's financial condition and maintenance needs of your condo building.

Loss assessment coverage is not a required add - on to your condo or HO6 insurance policy.

Condo insurance can be customized to suit your needs with coverage for personal property, additional personal property, home improvements, loss assessment, additional living expenses, personal liability protection, guest medical protection, workers» comp coverage and liability / contents coverage on your condo when rented to others.

Loss assessment coverage is an optional add - on to your condo insurance policy that can help in the event of an accident in a shared area of the condo property, such as lobbies, stairwells, pools, outdoor spaces and more.

Some insurers offer coverage on condo policies that would allow the insurer to pay this assessment for you, in exchange for increased premiums.

If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy.

Depending on the specifics of your condo insurance policy, you may have some coverage that would help you cover your portion of the assessment.

When considering ways to save on your home insurance rates — whether you are insuring a home, condo, or apartment — it is important to remember that particularly expensive or valuable items (rugs, jewelry, art collections, wine collections, etc.) often need to be insured separately, and these items may require assessment or appraisal to ensure proper coverage.

In Manitoba we MUST physically measure every property we list and have a + / - 5 % margin for error (never even take the measurement a previous agent stated, even if we trust that agent) not relying even on tax assessment records or a survey which both have been found inaccurate,... especially with condos.

Several years ago, Gene Stevens and other condo owners of the Cricket Club Condominiums sued the Cricket Club Board of Directors for breach of fiduciary duty, seeking compensatory damages from the Board because the condo owners alleged that Condo Board of Directors spent special assessment money on things outside of those described in the Notice of Special Assessment that was sent to the condo unit owners.

Excess funds from a Special Assessment must be either (1) refunded to the condo unit owners or (2) applied as a credit on the Condo Books for future assessment needs.

In addition to access, the condominium association has other powers as well: its Board of Directors is in charge of the overall condominium finances (collecting and recording condo fees and assessments; paying condo expenses; etc.); as well as the collection of past due fees and assessments; foreclosing on condos; maintaining the property; and making sure that all the unit owners are abiding by the condominium's rules and regulations (along with its Articles of Incorporation, ByLaws, etc.).