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Hoarders put others living close to them at risk for pests and diseases, along with the risk of fire. When neighbors in a condo project notice that someone's condo has reached the point where it's a health hazard to the unit's occupant and others, it's time to contact the condo's homeowner association. The association can enforce the community's codes, covenants and restrictions (CC & Rs) to force the hoarder to clean up his act or fine him. If the occupant or condo owner does not act on the directives, the police or fire department need to be notified because hoarding…
In the state of California, there are no set laws regarding automobile insurance deductibles. However, there are requirements regarding who must maintain insurance and the amount of coverage you are required to keep on a vehicle. You may face harsh penalties if you fail to comply with the state's insurance laws.
Investors planning a condominium purchase should examine current real estate market conditions before investing. Determining an adequate holding time is another consideration crucial to a profitable real estate investment. Investors should also consider whether to hire a property manager, especially if the condominium is in a distant area. Investors can locate reputable property managers through local real estate associations. Typical management fees are 5 or 6 percent of total annual rents, according to management adviser Jim Scofield, as reported on the SmartMoney website.
Without understanding the laws in place in Maryland regarding condominium insurance deductibles, you may think a claim is fully covered, then face a $5,000 bill. At time of publication, Maryland has several laws in place that affect condominium associations and unit owners and could have a serious financial impact on those involved in a claim.
The harmful effects of firsthand and secondhand smoke from cigarettes are well-recognized and documented by organizations such as the Centers for Disease Control and Prevention and the National Cancer Institute. Even so, condominium complexes are not always smoke-free, because residents of the complex own their units individually and often presume they may smoke in their own homes. You may make your complex smoke-free, but you must do so formally. This involves doing research, gathering support from homeowners, approaching your homeowners association board and amending the complex's written regulations.
The Georgia Condominium Act sets out the rules and regulations governing the declaration and record keeping of condominium documents. Georgia bill HB 1121 outlines the duties of condominium associations and unit owners to purchase insurance to cover the cost of common and individual condominium areas. The bill was amended in 2008 to provide greater clarity regarding the insurance of condominium structures.
Condominiums offer various benefits for many homeowners choosing to invest in real estate. The condominium association oversees many maintenance activities, such as yard work. Condominiums often include common property accessible to all residents. When a condominium owner decides to move, she needs to consider several things. These include where she plans to move, how she plans to sell her condo and the accounting information, or financial details, associated with the sale of her condo.
Liability insurance is a form of protection for claims that occur from damage to property or personal injury. Insurance premiums paid represent a hedge against liability concerns, and allow for reimbursement from the insurance company in the event that a liability claim occurs.
As a home is the largest asset that most consumers have, it is important for the consumer to have it properly insured. Though homeowners insurance can be expensive, there are some ways that consumers can reduce its cost. Consumers should carefully consider these options to determine if they are appropriate for their specific situation.
Your homeowners insurance helps you to protect your investment from certain types of damage, depending on the policy terms. Over time, you may notice that the cost of your homeowners insurance is rising. There are ways that you can lower the cost of your homeowners insurance and save yourself money each year.
Since the devastating hurricane seasons of 2005 and 2006, homeowner's insurance has been a hot topic in the state of Florida. In 2009, new laws appeared that affected every condominium owner in the state. Many condo owners were confused and upset by the laws, which have since been modified. If you are a Florida condo owner, be aware of how these laws affect your insurance situation.
Condominiums are, for many owners, a good balance between the advantages of owning a home and the benefits of renting. Condos are also a more affordable option than homeownership in some cases. However, they still represent an investment that it makes sense to protect. Condo owner's insurance can keep you financially secure even if the unthinkable occurs.
An RV, or recreational vehicle, is a vehicle and a dwelling. It has weight and sleeping capacity, often contains food preparation and lavatory facilities, and combines transportation and temporary living quarters for travel, recreation and camping. Obtaining and maintaining RV insurance is the equivalent of taking along emergency gear and spare parts in the RV. The RV owner hopes he never needs these but is prepared in case he does.
Both individual condo owners and their condo associations should have the right types and amount of insurance coverage to give you peace of mind that you can recover in the event of a loss. Learning more about those types of coverage can help you select a policy that meets your circumstances and needs.
Part of estate planning involves planning for the future needs of yourself and your family. If you have concerns or specific wishes regarding your end-of-life care, you may consider drafting a living will to leave instructions for your loved ones. Each state has different laws concerning living wills, their validity and what procedures may be covered. If you think you may need a living will, it's important to understand what it may typically entail.
Your property and condo association should each have enough insurance to protect you in the event of loss without spending money on coverage you don't need. Understanding more about the kinds of insurance coverage you'll need can help you strike a wise balance between coverage and cost when it comes to your insurance.
Homeowners associations and condo owners typically have insurance policies that cover the various risks and liabilities condos may have. Although owners and their associations have coverage for property damage and liability, they each cover different aspects and have important limitations. Understanding the different kinds of coverage owners and associations both need, can help you make decisions that keep you and your property protected.
Your condominium association's insurance should have enough coverage to not leave the owners exposed to liability, while also not making you pay for coverage you don't need. Your condo bylaws, lender requirements or state law may require you to have certain kinds of insurance or coverage for at least three months of the association's operating budget. Although the text of an insurance policy can be intimidating, understanding the basic elements can help your association make an informed decision to meet those requirements and protect your property and peace of mind.
It can be difficult for you to properly calculate how much insurance you need for your condominium. Traditional homeowner's insurance is calculated by the cost to rebuild the structure, which insurance companies can reasonably determine when preparing quotes. Condominium insurance, however, is calculated primarily by the cost to replace the contents within the home. You must provide this information to your insurance agent, and therefore you must do some preparatory work before calling for a quote. In addition, new insurance requirements for lenders using Fannie Mae mean you must also know the approximate appraised value of your unit.
Florida SB 1196 went into effect in July 2010 and clarifies several issues relating to condominium insurance requirements. Prior to the measure's enactment, some revisions to the Florida condo insurance law had created confusion about matters relating to condominium insurance requirements in the state. The 2010 law stipulates that condominium associations are not responsible for monitoring acquisition by condo owners of home owner's insurance. Also, condo owners are responsible for arranging home owner's insurance on their units.
A condominium, or a condo, is a piece of residential property in which a specific dwelling, such as an apartment within a building, is owned by an individual, while the surrounding common areas are owned and maintained by an association of homeowners from that building. Prior to the passage of the 2009 law regarding condominium insurance laws in Florida, owners had no obligation to fix cosmetic damage in the apartment; the condo association had a responsibility to fix only the structural damages. The 2009 law also sets forth a requirement that all condominium owners provide proof of homeowners' insurance to…
If you have recently purchased a condominium, you may have noticed that the process of securing a loan was more difficult than you anticipated. In 2009, in a reaction to the housing crisis and global financial meltdown, Fannie Mae changed its requirements for securing a loan on a condo. Fannie Mae is one of the largest writers and owners of mortgages in the United States. Private mortgage lenders are not required to meet the same guidelines, but those that wish to later sell the mortgage to Fannie Mae must comply with the requirements from the beginning.
Condominium insurance is about more than just protecting your personal belongings. Though the primary structure of your home is insured by your Homeowners' Association (HOA), there may be important gaps in your coverage that require your attention when purchasing insurance for your individual unit. Understanding what is required for you to insure vs. what is insured by the HOA can help you make wise insurance decisions to protect your family in the event of a loss.
Condominium insurance provides condo owners with liability and personal property protection. Depending on the master policy provided by the condo association, condo owners may need additional insurance.
Owning a condominium is very similar to owning a house. Your insurance is mandated, the same as a homeowner's policy, by your state insurance office. But there are some differences. For example, liability for the common areas is normally determined by your condominium association's declarations or bylaws. In some cases your insurance might be part of your condominium monthly fee, but your personal possessions might require additional coverage. These variabls might cost you more if you do not employ cost-saving strategies.
