The Association maintains a $10,000 deductible on its Master Insurance policy. Please be mindful that in the event that you suffer an insured loss, you could be faced with a $10,000 deductible expense. We suggest that you review the deductible amount with your insurance agent to ensure you have coverage for this deductible amount.
Separate 2% 1% wind/hail deductible.
If there is a covered loss to a building due to a wind/hail event, the deductible would be 2% 1% of the insured value of the building. The average coverage per building in 2016 at Brandychase was $1,013,200 so the average 2% 1% deductible would be $20,264 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. See the American Family letter for more information.
Insurance Deductible Policy
The goal is not to transfer large deductible expenses to individual unit owners. Rather, the intent is to transfer to the owners’ individual insurance carriers some of the insurance deductible expense, with the homeowner being responsible at most for whatever deductible they chose to carry on their HO-6 policy, which typically is in the area of $250-500.
As always, you are encouraged to discuss your individual insurance needs with your insurance agent so that you may avoid any insurance coverage gaps. In particular, you’ll want to have coverage for a broad range of occurrences, which may require adding an endorsement to your HO-6 policy. An example is a roof leak when there was no physical damage (the wind, lightning, etc.) to the roof.
*Wind/hail deductible increased from 1% to 2% in 2018. See Insurance Changes.