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In Walters Beach Condominium Association v Home-Owners Insurance Company, unpublished opinion of the Court of Appeals, issued November 16, 2017 (Docket No. 335172), the Michigan Court of Appeals held that water damage caused by construction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.
In Michigan, condominiums consist of either units or common elements. Common elements are further subdivided into two categories: general common elements and limited common elements. Under most Michigan condominium documents, the difference between general common elements and limited common elements is important to determine who
The Michigan Condominium Act was enacted in 1978 and is now over thirty-five years old. While significant amendments were made to the Michigan Condominium Act in 2001 and 2002, the Michigan Condominium Act does not currently meet the needs of various stakeholders as it is
