If you live in a building made up of condominium units, there must be some legal governing body by way of which all owners share in the ownership of the common areas and limited common areas.
Whatever this governing body might be, your governing documents should provide for a master insurance policy.
Your insurance broker can help you figure out what coverage is on the building, and so what coverage you are required or advised to buy.
The value of your insurance depends upon the value of your condo. The important thing is that you have enough insurance to replace the condo. If you got the condo for a low price many years ago you can't insure it for that because you'd not be able to get another to replace if it were destroyed. The cost of the insurance on yor condo is based on several factors. In some cases your condo association will dictate the amount of coverage you must have.
Any master policy that covers the association is subject to the vagaries of the issuing insurer. The business of insuring the association's assets is under the leadership of the association's president. There may be a requirement in your governing documents to maintain a master policy, in which case, the board's obligation is to find coverage. After a natural disaster and its claims, some insurers refuse to re-insure, or only re-insure at very high premium rates. You can encourage your president to abide by the governing documents regarding insuring association assets, while exploring the best coverage for the lowest premium.
Absolutely, yes. The association may be incorporated as a profit, not for profit, or an unincorporated association.
Yes.You can request the status of the association from the Secretary of State where the association is located.
Your attorney can help you answer this question, since it requires a legal answer.
State Farm, Progressive and Geico are some well known companies that offer condo association insurance policies. There are local and lesser known companies such as Melendez Insurance that offer condo association insurance policies also.
'Condo' is a clipped version of the longer word condominium.
Only if the Condo Association allows it. It could otherwise fine you.
To determine how much condo insurance you need, you are best advised to insure the contents of your unit, because the association's master policy insures the real estate assets that all owners own in common. You can work with a broker and a copy of the master policy to determine the insurance coverage you want and need.
Yes.
no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.
Fiile a noise complaint with the Condo association and if that doesn't work, the local police department.Added: Loud noises from whom or what? The Condo Association MAY have control over some annoyances but for others you may need the police (as advised above). Speak to your Condo Board of DIrectors to see if they can assist you.