Tag Archives: loss

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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Co-Insurance Explained

Have you ever wondered what the coinsurance clause on your policy means?

According to the independent Insurance Agents of America, most business policies include a “coinsurance” clause, determining what percentage of the value of your property must be insured in order to be fully reimbursed for a loss.

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OH: Fire destroys local condo building

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

Firefighters in Portage County worked to put out a condo fire in Streetsboro early Thursday morning. Nobody was hurt in the fire, which engulfed the eight-unit building on Portage Point Drive. The building was still standing, but appears to be a total loss after it was completely engulfed in flames.
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