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Even in developments where the condos are detached, Condo owners share costs for the upkeep of common areas. When unexpected events occur, such as a severe storm causing extensive damage or a change in insurance significantly increasing premiums, the condo’s board can issue a special assessment. This is essentially an additional payment, separate from HOA or condo association fees, to cover the unexpected costs, which can disrupt owners’ budgets. At the Carminucci Agency in Croton Falls, NY, we want new condo owners to be aware of these potential costs and how to manage them.
Insurance Coverage for Special Assessments
Condo owners typically pay an HOA or condo fee to cover the general upkeep of common areas. These areas can include parks, walkways, landscaping, and structural repairs, such as re-roofing and storm damage repair in developments with attached condos.
Condo owners may face special assessments, which are essentially large bills for a one-time cost that all owners must share. These assessments can cover unexpected damage or community repairs and easily run into five figures. However, condo owners can purchase insurance that covers these assessments. The first step is knowing that such insurance exists.
The Carminucci Agency in Croton Falls, NY, can discuss coverage options that help condo owners manage these large bills without disrupting their budget or draining their bank account. This coverage can be very affordable, certainly more so than the assessments, and it’s in your best interest as an owner to explore this type of coverage. Your condo is your home, and you should be prepared to handle any bills that come your way. Good insurance coverage is key to achieving this.