Windsor Gardens Life

Windsor Life Page 14 The association’s Master Insurance Policy was renewed in April. The Master Insurance Policy provides general liability coverage, as well as coverage for property owned by the association. As part of the renewal process, Cherry Creek Insurance Group issues certificates of insurance to all mortgage companies of record. If you have a mortgage, it is likely that an insurance certificate was issued for your unit. In most cases, this process is automated and you do not need to do anything. In some cases, you may receive a letter from the mortgage company stating that they have not received evidence of insurance. If you receive this letter, please bring a copy to the association office, and we will be happy to have an insurance certificate issued. You may also go directly through Cherry Creek Insurance Group by emailing the letter to certificate@thinkccig.com or by fax to 303-799-0156, Attn: HOA Dept. If you should have any questions about insurance coverages, please feel free to contact Tammy Tafoya, WG Business Manager at 303-364-7485, ext. 1507 or via email at ttafoya@wgamail.com . Associaton Master Insurance Policy Renewed From Pat Wilderotter, WGA Insurance Agent Annually your board of directors purchases insurance for the condominium association that covers the buildings, personal property of the association, general liability on the common areas, fidelity coverage and director’s and officer’s coverage. As unit owners, it is important that you maintain your own insurance to cover unit items that are your responsibility as detailed in the Windsor Gardens Amended and Restated Condominium Declaration, your personal property and liability exposures that are not covered under your association’s master insurance policy. If there were a covered property loss at Windsor Gardens, the master association’s policy would rebuild the basic structure to original specifications minus applicable deductibles. Any improvements done to the interior of the units since original construction are the responsibility of the owner(s) to insure. Additionally, under Section 1 (A) found in the Insurance Deductible Policy amended June 2019, the association’s basic property deductible of $25,000 can be assessed to an owner(s). In addition, your property policy has a 2% deductible of the building value for wind/hail. Abuy-down policy to cover this deductible would be an excessive cost that would mandate raising the individual assessments of all owners. As a result, in the event of a total wind/hailstorm, owners could be assessed approximately $3,000. Each owner needs to make sure their individual HO6 (condominium owners policy) or their landlord’s policy (if they are renting the unit out) includes loss assessment coverage or property coverage to meet these deductibles. This coverage should have a minimal cost annually. In accordance with Section 6.6 of the Windsor Gardens Amended and Restated Condominium Declaration, in the event that common elements need to be maintained, repaired or replaced due to an owner (or their guests, etc.) negligence or willful act or omission, especially but not limited to water overflowing from a tub, or water damage from a dishwasher or hose, then the expenses incurred by the association shall be the personal obligation of such owner. When obtaining an individual unit owner’s insurance policy, if living in the unit, you need to obtain an HO6 (Condominium owner’s) policy. The HO6 should include these four basic coverages: unit coverage, personal property coverage, liability coverage and loss assessment. The unit coverage should cover items specified in the Amended and Restated Declaration as the responsibility of the unit owner including window treatments and any improvements/betterments made since original construction. Personal property coverage should include all furnishings and clothing. This coverage should be written on a replacement cost basis. The unit owner needs to purchase liability insurance for anything that occurs within their unit. When someone enters your unit, the liability exposure becomes yours. Finally, loss assessment coverage applies if you are assessed by the association for an underinsured covered claim or the deductible portion of a claim. Most HO6 policies include one thousand dollars of loss assessment coverage, make sure this is not a sublimit for coverage available if paying a deductible. Please review this coverage with your agent and make sure your coverage is adequate. We recommend that each unit owner take pictures or videos of the inside of your home and store them somewhere away from your home. In the event of a loss, this makes claims handling much easier. If you have questions regarding the association’s insurance, you can reach our agent, Pat Wilderotter, at 720-212-2065. To request a certificate of insurance, please email your request to certificate@ thinkccig.com or fax your request to 303-799-0156, Attn: HOA Dept. From the Association's Insurance Agent PERSONAL CONDO INSURANCE AT WINDSOR GARDENS HO6 Policy Each Windsor Gardens owner needs to purchase an HO6 policy, also known as a condominium policy. HO6 policies provide necessary coverage for Windsor Gardens residents to protect their personal assets and cover association deductibles. An HO6 policy will have separate sections of coverage. Section A Covers items on the interior of the unit that are the responsibility of the homeowner which will include the value of any items that have been replaced since original construction. Section B Covers all personal property (furniture, clothing, etc.) of the owner. Section C Covers liability for the interior of the unit. When someone enters your unit, the liability is the owner’s. For example, if someone trips over the carpet in your unit and gets hurt, the liability for that is on the owner. Section D Loss assessment coverage. This applies to the owner being assessed for their portion of a claim that was not covered by insurance. For example, the association has a wind/ hail deductible and also a property deductible which can be assessed to an owner. And damage to common areas caused by water overflowing from a tub, or water damage from a dishwasher or hose can be assessed to a unit owner. Make sure your personal insurance will cover these potential deductibles and that the policy does not limit how much they will pay for that deductible. Renter’s Insurance If you are renting your unit out, make sure your policy has an endorsement for your renting the unit or purchase a separate landlord policy. This policy should include loss of rent in the event your unit cannot be rented while it is being repaired.