Tag Archives: building

CONDOMINIUM INSURANCE – WHO COVERS WHAT?

Most condominium association’s “Declaration of the Condominium” (hereinafter referred to as declaration) follow the wording of Chapter 47C of the North Carolina Condominium Act with regard to the definitions of “common elements” and “units”.  The Declaration specifies what insurance is to be provided by the association and what insurance is to be provided by the unit owners.In the statute, 47C-2-102, Unit boundaries it says: “Except as provided by the declaration:

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Understanding Homeowner Association Insurance

MASTER POLICY
State laws pertaining to condominiums and most project legal documents creating condominiums require the association to carry a master insurance policy covering the entire project including the individual units.  This is the only approach to insurance that makes any sense in a high rise project, and in most lateral projects it also makes sense because of the interrelationship of individual condominium units and the project’s common areas.  In planned unit developments, the advisability of having a master policy depends to some extent on the type of construction.  With attached townhouses or row houses, it is possible that a master policy is preferable to individual policies covering each dwelling. 

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Association reserves hurt by low interest rates

Many community associations, including one you might live in, are concerned about their reserve accounts these days. Community associations collect fees from residents who live in a defined location, such as a condominium building or a neighborhood of homes, and use those funds to pay for emergency repairs and maintenance.

Authors: Community…

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