For some reason the particular property you inquired about did not appear so I cannot answer you fully about that association Generally, most condo associations have some sort of reserves. You are definitely entitled to receive condo documents including the latest financials, frequently asked questions, etc. as part of your due diligence in purchasing a property. They also carry insurance against hurricanes, etc. Also, as a condo owner you should also be carrying your own insurance against damages to your personal unit and insurance that will pick up after your deductable should you be assessed by the association for damages occuring after a disaster -- such as a hurricane.
That being said, I suggest you contact an insurance professional to more fully explain this to you.
Please let me know if I can help you further in your possible purchase of a property in wonderful South Florida!... more
Due to the exceptional climate, West Palm Beach makes an outstanding, family friendly place to live. The new library, many family oriented activities at the Meyers Amphitheatre downtown (with the Mayor handing out cookies), the new waterfront park (under construction), plus the exceptional zoo in Dreyer Park, the summer program at the Armory Art Center and Howard Park Tennis Cener, the Science Museum, a huge variety of family events on a regular basis will make any family feel at home.... more