Dear Hearthstone Manor Homeowners,
Effective December 15, 2023, the HOA’s master insurance policy deductible will be increasing from $25,000 to $50,000. Please make your individual insurance agent aware of this change, as your individual insurance policy’s loss assessment coverage should be increased to $50,000. As a note, the HOA’s master insurance policy wind/hail deductible will be increasing from $25,000 to $100,000 effective December 15, 2023.
Homeowners must maintain their own individual homeowners insurance policies (often referred to as HO-6 policies). These policies should cover betterments & improvements, contents, loss assessments, etc.
In the event of a covered loss, the HOA’s master insurance policy would only cover the restoration of the damaged unit(s) back to original specifications. Upgraded flooring, countertops, cabinets, appliances, fixtures, etc. should be covered by your individual homeowners insurance policy.
If your lender needs proof of insurance coverage for the HOA, you will need to make arrangements to have a Certificate of Insurance (COI) sent to them. To request a Certificate of Insurance, please email Robins Insurance Agency at certificates@robinsins.com. Lenders will typically request proof of insurance coverage for the HOA annually.
DISCLAIMER: This email does not contain, extend, modify, or explain all the clauses, conditions, exclusions, or amounts of coverage under the HOA’s insurance policies. Please contact Robins Insurance Agency if you have any questions regarding coverage.
