Condo Media - April 2018 - 37

The board of the selfmanaged association
is required under the
of $10,000, your personal homeowner
insurance policy must provide coverage
for the first $10,000 of damage in any
claim due to water infiltration, even if it
is coming from the roof, a broken water
pipe, a toilet overflow, or the plumbing
in the unit above you. The deductible on
your own homeowner policy will also
be applied to the claim, so keep that in
mind when you make your personal
homeowner policy or HO6 coverage
choices. If you are not required to have
a homeowner policy by your condominium documents or if you choose not
to have homeowner's insurance, then
the first $10,000 of any claim will come
directly out of your pocket.

When the insurance adjuster for
the master policy determines that
claim damage exceeds $10,000, he will
provide a detailed report on the cost
of repairs needed to the common area
and the units involved in the loss. The
master policy will provide a settlement
statement to your self-managed board
and if it is a covered loss, it will detail
the amounts to be paid to each unit,
and then issue the payment so that
repairs can be made and any remediation/clean-up bills paid.  
To add insult to injury, the master
policy for your self-managed association does not provide any coverage
for your personal property, including

insurance section of the
condominium bylaws
to fund restoration
after a loss and repair
damage to the property
through policies that are
available in the insurance
marketplace.
April 2018

37



Table of Contents for the Digital Edition of Condo Media - April 2018

Contents
Condo Media - April 2018 - BB1
Condo Media - April 2018 - BB2
Condo Media - April 2018 - Cover1
Condo Media - April 2018 - Cover2
Condo Media - April 2018 - Contents
Condo Media - April 2018 - 2
Condo Media - April 2018 - 3
Condo Media - April 2018 - 4
Condo Media - April 2018 - 5
Condo Media - April 2018 - 6
Condo Media - April 2018 - 7
Condo Media - April 2018 - 8
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Condo Media - April 2018 - Cover3
Condo Media - April 2018 - Cover4
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