The Master Policy provides blanket building coverage with a deductible of $10,000 per occurrence which includes: the Unit’s ceiling and wall finishing materials, floor coverings, cabinetry, finished millwork, electrical and plumbing, fixtures, appliances and permanently attached fixtures regardless of installation date. In addition, the deductible for wind and/or hail damage is now 2% of the insured building value. This can result in a significant loss assessment to the owners.
Therefore, it is imperative each owner have a personal H0-6 policy in place that will cover a deductible for loss assessment. We recommend a minimum of $10,000.00 in Loss Assessment Coverage.
The Master Policy covers against risk of direct physical loss or damage, often termed all-risk coverage, except for what is excluded in the policy. Examples of excluded losses are: earth movement, seepage, wear and tear, latent defect, war, radiation, etc.
The Master Policy covers sewer backup and sump pump overflow damage to $300,000 per building. (This coverage is by endorsement and not automatic).
IMPORTANT: OWNERS INSURANCE The Master Policy does not provide insurance for the unit owner’s personal furnishings, contents or belongings. This protection is provided by a separate policy, called a Condominium Unit Owners policy (HO-6). It is suggested that each owner purchases enough personal insurance to cover: his or her personal property, loss of use and any additional Sewer Backup and Sump Pump overflow coverage for his/her unit.
In addition, the HO-6 policy must include coverage for the Association deductible (s) listed above and for real property in the event there is a loss where damage does not meet the Association policy deductible.
The Master Policy is currently provided by American Family. You may want to consider purchasing your HO-6 policy through American Family directly to ensure that the Master Policy and your individual HO-6 policy provide comprehensive, coordinated coverage for you. It will speed up the settlement process in the event of a claim, and American Family waives the HO-6 deductible in certain instances.
Breakdown of 2% Windstorm/Hail Deductible Per Unit Owner:
2250 Benson Avenue 8 units $2771.00
2254 Benson Avenue 8 units $2771.00
2262 Benson Avenue 8 units $2771.00
2272 Benson Avenue 8 units $2771.00
2276 Benson Avenue 8 units $2487.00
2284 Benson Avenue 8 units $2487.00
2296 Benson Avenue 8 units $2771.00
2310 Benson Avenue 8 units $2487.00
**Auxiliary Bldgs including pool and detached garages +$188.00 each unit owner