|Re: our own insurance||<– Date –> <– Thread –>|
|From: jehako (jehakomac.com)|
|Date: Tue, 7 Jul 2009 18:28:24 -0700 (PDT)|
Hi- I don't know about self-insurance, but I can tell you from experience that condominiums are just about the hardest type of residential property to rebuild after a disaster. You need really deep reserves and other financial resources, such as insurance, to even get started. Many mortgage companies will just foreclose on exisiting mortgages as soon as they decently can. It is very difficult for condo boards to meet when folks are living in temporary digs elsewhere and it is very hard to get the signatures of all owners if that is required for some rebuilding expenses or to levy a new special assessment. Owners often won't agree to a special assessment if they are also dealing with condo fees for an unoccupiable unit and rent for a temporary apartment. The ones that make it back have deep pockets, good insurance, solid reserves, a friendly lender, strong community ties and communications, AND a plan in place prior to the disaster event. Jessie Handforth Kome Eastern Village Cohousing Silver Spring. MD Sent from my Verizon Wireless BlackBerry
- Re: our own insurance, (continued)
- Re: our own insurance Elph Morgan, July 9 2009
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