Condo Ins coverages

Winnielove · 07-12-2024, 08:36 AM

What is the typical condo doc coverage ie. studs in/studs out?
Hearing many companies write all in vs unit owners perimeter walls in,
very confusing.
Any experience with this?

Thanks in advance!

gillygirl · 07-12-2024, 12:30 PM

Quote:

Originally Posted by Winnielove

What is the typical condo doc coverage ie. studs in/studs out?
Hearing many companies write all in vs unit owners perimeter walls in,
very confusing.
Any experience with this?

Thanks in advance!

It would probably depend on how the association covenants are written, assuming there’s an HOA/COA involved. My experience is only with Florida, but the COA I worked for, the homeowners were responsible from the surface of the drywall inward. Several buildings experienced water intrusion during hurricane Ian, some through the roof and some through the exterior wall. The COA had to foot the bill, and I, as the property manager, had to coordinate the repairs. However, if one unit leaked into another unit, then it was the responsibility of the homeowner causing the damage to coordinate with the owners of the unit that was damaged.

Not sure if that helps at all. You really need to delve into all of the governing docs for the property. And make sure the different documents don’t conflict. I had a rules and regs document that conflicted with the bylaws. Not sure they ever fixed that after I left.

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Descant · 07-12-2024, 02:14 PM

GG is right. Each state and each HOA can be a little different. Before retiring, I sold insurance in NH, MA, ME and FL. Florida, in particular was a major mish-mash, and it's even worse since the collapse of that building in Miami a few years ago.

Developers tend to go cheap to keep condo fees down while they're trying to sell new construction. Once they move on, the new association may have changes and do some catching up on cash reserves. Any documents you use, be absolutely sure they are current, not last year's.

Your local attorney, realtor and insurer should all have some experience so you don't have to retrace other's steps.

07-12-2024, 08:36 AM	#1
Winnielove Junior Member Join Date: Jun 2022 Location: tuftonboro Posts: 11 Thanks: 25 Thanked 2 Times in 2 Posts	Condo Ins coverages What is the typical condo doc coverage ie. studs in/studs out? Hearing many companies write all in vs unit owners perimeter walls in, very confusing. Any experience with this? Thanks in advance!

The Following User Says Thank You to gillygirl For This Useful Post:
Winnielove (07-15-2024)

07-12-2024, 02:14 PM	#3
Descant Senior Member Join Date: Mar 2006 Location: Merrimack and Welch Island Posts: 4,245 Thanks: 1,299 Thanked 1,596 Times in 1,034 Posts	GG is right. Each state and each HOA can be a little different. Before retiring, I sold insurance in NH, MA, ME and FL. Florida, in particular was a major mish-mash, and it's even worse since the collapse of that building in Miami a few years ago. Developers tend to go cheap to keep condo fees down while they're trying to sell new construction. Once they move on, the new association may have changes and do some catching up on cash reserves. Any documents you use, be absolutely sure they are current, not last year's. Your local attorney, realtor and insurer should all have some experience so you don't have to retrace other's steps.

The Following User Says Thank You to Descant For This Useful Post:
Winnielove (07-15-2024)