Why Does Building Valuation Matter?
your insurance policy, is what the building(s) and common means, how much would it cost to rebuild the association appropriate coverage, all components should be valuated your community valuated is that building costs change
place was enough to rebuild the community in the 1990’s, but nowhere near enough to rebuild the community in 2016. If the Association decided to completely rebuild the building, the owners would have been in a situation where they would have to cover the cost difference in the rebuilding costs. Had the community been properly valuated, the owners would have had the option to rebuild without a large personal cost or special assessment.
Individual Owner (and Renter) Coverage is Important!
An important element of insurance for all owners in an association to consider, is their personal insurance. Regardless of the source of a loss, owners are responsible for the association’s insurance deductible or other amounts not covered by insurance. It is an owner’s responsibility to make sure they know what the association’s insurance covers, what the deductible is, and what elements are not covered
required to have their contents removed and asbestos removed and to pay their monthly assessments. Many owners had no furniture, clothes or personal items survive personal insurance policy or the Association’s policy.
Unfortunate Outcome
While it is rare that a loss like this will happen very often, if it does, being properly insured will help relieve the
decided to dissolve the Association. Had proper insurance been in place, things may have turned out much different.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32
