Condo insurance and flood coverage is something that is commonly either misunderstood or overlooked. So, let’s delve a little deeper and chat about this question: How does the association provide flood coverage when the value of the building exceeds the $250,000 per unit/per building limit allowed in the Residential Condominium Building Association Policy (RCBAP)? Do…
DetailsThere is technically nothing wrong with using a replacement cost estimator (RCE) for property valuation–in fact, it can be a great tool. We all know it provides exactly what its name indicates: an estimate. That being said, RCE’s tend to have a reputation for being inaccurate, which means an agent should avoid using only an RCE…
DetailsWhether you’re a property owner or new to the insurance industry, you’ve likely heard the term “HO-6,” but what is it? An HO-6 policy is much like a typical homeowner’s policy, but for a condo unit and it tends to carry a lot more extras. HO-6 policies cover the interior of the unit and personal…
DetailsUnderstanding what your condo insurance covers is one thing—understanding why a condo owner pays what they do for insurance is very different. So, how does your premium get calculated? One common misconception is that homeowners insurance and condo insurance can be lumped into the same category. As previously mentioned in “What is a Master Policy?”,…
DetailsUnlike homeowner’s or renter’s insurance, condo insurance provides unit owners an insurance policy tailored to their needs, taking into account the master insurance policy held by the condo association. While there are many ways in which condo insurance is similar to homeowner’s or renter’s insurance, there are also some consequential differences. The Master Policy. Unit owners of properties…
DetailsBecoming a residential property owner certainly has its appeal, but why is becoming a condo owner such an attractive thought? Unlike owning a single-family home, a condo owner is not solely responsible for maintaining every piece of the property—the yard, the pool, the structure of the building, and the interior. Typically, the condo association oversees…
DetailsOne thing that’s always constant in your associations? Change. The laws governing your community associations have endured so much change within the past few years alone that it may make your community’s governing documents unreliable. It only makes sense that these documents are updated to reflect current resident needs and modern law, but where do…
DetailsOne thing all Community Association’s agree on is that governing documents are the structural backbone of your community’s identity and how it operates. Much like the layout of a store, these governing documents are established as soon as the developer completes construction. Though the store is empty, a layout is predicted to serve and protect…
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