Rebuild Reports
2025 Replacement Value / Rebuild Report
2014 Replacement Value Report
Pertaining to the above - The HOA’s insurance is going to respond based on what the by-laws say. The by-laws state that we will replace a Cottage Unit and Limited Common Elements, with the amount up to the recent appraised value.
A Cottage Unit is “the space, partition walls, insulations, attics, fixtures and appliances therein, heating and cooling compressors, compressor pads, conduits, and the storage areas located on the ground level, excluding, however, all spaces and improvements lying beneath the undecorated and/or unfinished inner surfaces of the perimeter walls and floors, and above the undecorated and/or unfinished inner surfaces of the ceilings of each Cottage Unit and further excluding all pipes, wires, conduits and other facilities running through any interior wall or partition for the furnishing of utility services to Cottage Units or Limited and General Common Elements.”
The HOA’s by-laws define Limited Common Elements as: “The entire structure, excluding that area hereinabove defined as Cottage Unit, which generally includes, without limitation, the exterior walls, the siding, pilings, shelving, floor trusses, sills, all batt insulation, turn buckles and cables, roofs, roof trusses, shingles, felt paper, plywood, sheet rock on walls and ceilings in each structure, plumbing system(s), stairs, porches, patio, decks, shutters, driveways, doorsteps, the paved parking area beneath the structure(s), all exterior doors and windows and all other fixtures designed to serve one or more but less than all cottage units are limited common elements allocated exclusively to such Cottage Unit or Cottage Units.”
Ray Finocchio, AAI, AIP, CIC | Commercial Account Executive
843.903.5746(t) | 843.903.5740(f) | 200 Ronnie Court | Myrtle Beach, SC 29579 | www.peoplesunderwriters.com
A Cottage Unit is “the space, partition walls, insulations, attics, fixtures and appliances therein, heating and cooling compressors, compressor pads, conduits, and the storage areas located on the ground level, excluding, however, all spaces and improvements lying beneath the undecorated and/or unfinished inner surfaces of the perimeter walls and floors, and above the undecorated and/or unfinished inner surfaces of the ceilings of each Cottage Unit and further excluding all pipes, wires, conduits and other facilities running through any interior wall or partition for the furnishing of utility services to Cottage Units or Limited and General Common Elements.”
The HOA’s by-laws define Limited Common Elements as: “The entire structure, excluding that area hereinabove defined as Cottage Unit, which generally includes, without limitation, the exterior walls, the siding, pilings, shelving, floor trusses, sills, all batt insulation, turn buckles and cables, roofs, roof trusses, shingles, felt paper, plywood, sheet rock on walls and ceilings in each structure, plumbing system(s), stairs, porches, patio, decks, shutters, driveways, doorsteps, the paved parking area beneath the structure(s), all exterior doors and windows and all other fixtures designed to serve one or more but less than all cottage units are limited common elements allocated exclusively to such Cottage Unit or Cottage Units.”
Ray Finocchio, AAI, AIP, CIC | Commercial Account Executive
843.903.5746(t) | 843.903.5740(f) | 200 Ronnie Court | Myrtle Beach, SC 29579 | www.peoplesunderwriters.com