A standard question that comes up around condo insurance is why does a separate insurance policy need to be bought when the condominium constructing overall already has insurance coverage? To the extent the construction complied with the Chicago Constructing Code and/or the balcony and water infiltration issues didn’t manifest for many years after the constructing inspections, it is affordable that the constructing received certificates of occupancy.
Until that point, however, it seems the most secure apply – at the least as far as discover requirements, and lien service in states that do not specifically allow service on the rental affiliation – is to ship discover to every condominium proprietor, regardless of how many there are.
Someone who owns a standalone single-household dwelling sometimes seems at the value of replacing the structure (normally a house) first before figuring out insurance coverage for the possessions or content material contained in the structure itself.
The Association ought to develop as much consensus concerning the sale as possible, as dissenting Unit House owners not on board with the process can probably delay issues and price the Association a substantial amount of time and assets to effectuate the sale.