Owner Betterment definition
Owner Betterment means any upgrade or addition made to a Townhome, Common Element or Limited Common Element by an Owner that exceeds the replacement cost of the same item in the Basic Building Plans and Specifications (as defined below) or is an addition to the Townhome. For purposes of the Association's property insurance, an Owner Betterment is relevant only to the extent that its replacement cost exceeds the replacement cost of the same item or is an addition to the Unit. An example of an Owner Betterment would be a marble tile floor with a replacement cost of $100.00 per square yard installed in a Townhome by an Owner in place of the carpeting shown as part of the Basic Building Plans and Specifications where the carpeting has a replacement cost of $25.00 per square yard. If the Townhome is totally destroyed by an insured casualty, the Association's property insurance would cover the value of carpeting shown in the Basic Building Plans and Specifications but not the replacement cost of the marble tile.