Home ownership grows for community associations

In the United States, community associations represent the fastest-growing form of home ownership. These organizations include townhome associations, condominium associations and cooperatives. According to a 2010 estimate from the Community Associations Institute, there were 62 million Americans living in community associations. That's about 25 million homes. There are law firms that serve the legal needs of these associations, including their boards of directors and property management companies.

WHY DOES MY INSURANCE ESTIMATE HAVE AN ACV AND RCV NUMBER?

After you've made a claim, the insurance company's adjuster will inspect your home for damage and prepare an estimate. When you receive the insurance company's estimate, you see that it lists two amounts for "RCV" and "ACV." How much money do you have to make repairs?

What insurance policies generally do and do not cover

When natural disasters strike, they may cause various forms of damage to homes and apartments. Items inside of a home or apartment may also be damaged or lost in the aftermath of a storm. A standard homeowners or renters insurance policy in the U.S. will likely cover the cost of repairing a home. It will also likely help individuals pay to repair or replace belongings damaged inside of the home, apartment or condo.

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