Effective on January 1, 2017.
New separate 1% wind/hail deductible.
A wind/hail deductible work like this: If there is a covered loss to a building due to a wind/hail event, the deductible would be 1% of the insured value of the building. The average coverage per building at Brandychase is $1,013,200 so the average 1% deductible would be $10,132 per building. The deductible would then be charged back to each affected Unit. The owner would then turn this over to their HO-6 carrier for reimbursement. The average wind/hail deductible per homeowner works out to $1,267.
We suggest that you review the wind/hail deductible amount with your insurance agent to determine what changes to your HO-6 policy (if any) are needed to provide coverage for this wind/hail deductible amount. We urge you to act right away.