2007-11-08 05:15:11 · 4 answers · asked by Anonymous in Business & Finance ➔ Insurance
nope. Insurance precludes assessments.
2007-11-08 05:18:20 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
This depends on why the council is replacing the roof/siding. If it is because an INSURED PERIL caused the damage to the roof/siding adn the council levied the assessment to recoup the deductible, or because the limits the association had on the building policy was inadequate or the association did not have insurance in force, then any good Condo Unit Owner's policy will have coverage to cover these types of Special Assessments (however there may be a limit that applies as to how much they will cover for this type of special assessment).
If they are replacing the roof/siding because the roof is old/worn/ugly, then no, since an insured peril did not cause the damage.
2007-11-08 07:00:39 · answer #2 · answered by Gambit 7 · 1⤊ 0⤋
No, it does not. Insurance is designed to cover your loss in the event of accident, storm, or other situations which cause damage. If your roof or siding is being replaced due to age, that cost comes out of the assessment.
2007-11-08 05:20:06 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
you can actually endorse your condo policy to cover assessments. most come with a small amount for this built in, but you can raise it by endorsement. call your agent and see if its on your policy
2007-11-08 07:45:03 · answer #4 · answered by Queen B 6 · 0⤊ 0⤋