Issues concerning small condominiums
A small condominium is usually one with two to four units. While there should be recorded condominium documents, it is common for small condominiums to not have a management company nor require monthly condominium fees to be paid. Instead, many times, the only ongoing cost of the condominium is the master insurance policy which may be due once a year. In this case, all parties can contribute their percentage share of the premium whether that is 25% or 50% as the case may be. The master insurance policy should be an “all in” policy that covers the units as well as the common areas but it is strongly recommended that each unit owner obtain his/her own insurance to cover the contents of the unit (furniture and furnishings) as well as the liability within the unit. These separate policies are usually inexpensive, maybe costing several hundred dollars per year per unit depending upon the contents and limits of liability.