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Tag: Reserves

Condo questions: Can reserve funds pay for increased insurance premiums? (FL)

Q: Our condominium insurance premiums have been fairly steady for a number of years, but we were recently forced to switch carriers and the new policy will cost six figures more than our prior policy. There are no better insurance options and hurricane season is fast approaching. Can we use reserve funds to pay for the insurance premium to make sure coverage continues or as an emergency?    Read the Q&A…………………………………. https://communityassociations.net/category/fl_news/feed/

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Condo questions: What funds can be used to paint the buildings if not on track? (FL)

Q: Our condominium has been reserving every year to repaint the buildings every seven years. We are now approaching seven years, and it turns out the paint reserve fund was never on track to be fully funded, and we are going to be short. Can we use money set aside for other projects or do we have other options?    Read the Q&A………………………………. https://communityassociations.net/category/fl_news/feed/

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Rates posted assumes 25% down payment, and an ARM rate first mortgage on a Florida condotel, primary residence. Additional required amounts such as taxes, insurance, home owner association dues, assessments, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions
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