Quote:
Originally Posted by bomber317
For condo owners, does your home insurance cover special assessment?
When I got my home insurance renewed, I found out that I'm covered for up to 80k in special assessment.
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I doubt that is for any special assessment, I'm pretty sure there are usually only very specific cases where that pays out. Otherwise, everyone in a building could get the insurance, and vote a big huge special assessment to top up the reserve fund, then lower the monthly fees for the next 5 years.
If it does cover all special assessments, who is your insurance company?