One of the largest line items in any condominium association’s budget is its insurance premium. Condominium associations are required, pursuant to their governing documents, to carry adequate property insurance to address common elements (and in many cases, unit owners’ improvements), liability insurance, and director’s and officer’s insurance coverage. Further, condominium associations budget for any insurance claims that may trigger the need to meet an insurance deductible. That deductible may be $10K per claim. Read the article…………
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