Reminders for Homeowners: Insurance change and master insurance policy

Our insurance master policy provides hazard (fire) coverage for all owners, for damage both outside and inside each unit, for all components built into the unit. Current coverage totals more than $4,200,000. The only exclusions are normal wear, animal/insect damage, flood/ground water, earth movement (earthquake or landslide), and damage caused by settling, contamination or nuclear hazard. There is a $5000 deductible per claim. Each of our seven buildings also carries it's own, individual federal flood insurance policy.

Note that this deductible of the master policy for any single claim is $5000 (this is up from $1000). There is also a new deductible for damages arising from a named hurricane of 2% of the coverage limit for each building. For example, if building 101-107 were damaged in a hurricane, its deductible would be approximately $13,400. These deductibles are the responsibility of the unit owners.

Please be sure that you maintain your own individual condo insurance policy, and that your limits for structural damages at least meet these deductibles. In addition, each unit owner should carry an individual condo policy to cover furnishings and personal belongings.

Our policy is with State Farm Insurance, through the Tom Hoddinott Insurance Agency. Tom Hoddinott will be pleased to discuss this issue with you and answer any questions or concerns you may have.