What Condo and HOA Boards Need to Know About Insurance Replacement Costs and Code Compliance
Condominium associations frequently insure aging common elements, such as clubhouses, recreation centers, maintenance buildings, and other shared facilities, under replacement cost property insurance policies. Condominium and homeowners associations may assume that replacement cost coverage will fully fund rebuilding after a catastrophic loss. However, as Piatt Lake Bible Conference Association v Church Mutual Insurance Co., No. 2:23-CV-73, 2025 WL…
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