When buying insurance, it is key that you get an explanation, preferably in writing, from a broker when/if the policy uses any of these terms, to satisfy yourself that you're buying the coverage you need/ want.
Here's one interpretation of the terminology, which is not standard:
This terminology may be being used relative to a master insurance policy and coverage. One definition might be that betterments and improvements could be upgrades to existing fixtures, equipment, appliances and so forth. This is to distinguish these investments from 'additions and alterations', which could be adding a patio or converting a closet to a bathroom, for example. If your question involves insurance, best practices dictate consulting with your broker or carrier to fully understand their definition of these terms. Regardless of who's using the terms, they should define them for you so that you can fully understand them in the context of your situation.
Improvements consisted of additions and alterations to existing structures involving major interior and exterior changes.
Two types of insurance cover condominiums:A master policy that insures the common areas, andAn individual unit owner's policy that insures the interior of a unit and its contents.Betterments and improvements apply to the interior of units, and may include upgraded or new, (and which will remain with the unit upon any sale):paintcarpetsappliancescabinetrybathroom furnishingsbuilt-ins, such as a libraryinterior doorsSome master policies cover 'betterments and improvements'; some do not.Best practices indicate that when betterments and improvements are added to a unit's interior, these enhancements must be documented, including receipts, photographs and so forth. Send a copy of these documents to the property manager, so that they become a permanent part of your unit's history.Lacking any documentation, when any claim is made against either policy for betterments and improvements, they will not be covered and the unit will be restored to its original -- as new -- condition, lacking your upgrades and additions.Finally, when it is time to sell, you can showcase your upgrades and additions, which may give you an edge should more than one unit like yours be available for sale in your market.
Capital Addition ClauseThe insurance hereby extends to cover alterations, additions and improvements (but not appreciation in value) in excess of the sums insured to property specified in the Policy for an amount not exceeding 10 % of the sums insured thereby or an amount specified in the policy whichever is the less, it being understood that the Insured undertakes to advise the Insurer each quarter of such alterations, additions and improvements and to pay the appropriate additional premium thereon. Regards,Muhammad Ali HashmiUnderwriter
Usually, alterations and additions to the interior of a condominium unit means changing the interior of a unit by turning a closet into a study or nursery, for example, or adding a half-wall in a great room. Otherwise and without alterations and additions, the condominium unit is described as the builder built it and finished the interior. NB: During the period when alterations are being performed, it's a good idea to check with your HO-6 policy agent and the association's master policy agent to verify that you have insurance coverage for any incidental damage that occurs during construction.
Erecting buildings and engineering projects (e.g., highways), including new work, additions, alterations, or maintenance
J. McCully has written: 'Letters by a farmer: Originally published in the Belfast Evening Post; with several alterations and additions'
I had the same question and I found this on another web site "Improvements, on the other hand, include things like a new roof, new carpets, new appliances, new additions, a remodeled kitchen, etc." So, yes, new appliances are capital improvements.
The category covers general contractors primarily engaged in construction activities (including new work, additions, alterations, remodeling, and repair) of single-family houses.
W. H. Woakes has written: 'A catechism of thorough bass ... to which is prefixed, with great additions and improvements, A catechism of music and a copious dictionary of musical phrases'
The closest match is the spurious term humanitation, which is not an English word.Similar words are-- humanitarian (seeking to aid those in need)-- habitation (living in a certain place)-- augmentation (improvements or additions to a program or product)
Once thought to be recession-proof, the residential repair and remodeling (R and R) market declined by 8.7 percent during 1991. Spending for additions and alterations dropped the most, by 17 percent.