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,
Introduction For many people, purchasing a home is the largest investment they will make in their lifetime. While owning real estate should be considered an investment, it should also be viewed as a risk. Aside from the risk that the property will decrease in value, every
In Walters Beach Condominium Association v Home-Owners Insurance Company, unpublished opinion of the Court of Appeals, issued November 16, 2017 (Docket No. 335172), the Michigan Court of Appeals held that water damage caused by construction defects may be covered under a condominium association’s insurance policy.
