Condo Media - April 2018 - 38

DEDUCTIBLE is a Dirty Word
computers, electronics, furniture,
clothing, etc., so you must make
sure your policy provides adequate
coverage for the replacement of these
items. In addition, the master policy
will not pay for you to stay at a hotel
if your unit is uninhabitable; only
your homeowner policy provides
this coverage.
For investor owners who lease their
units, tenants must obtain their own
renter's insurance policy to protect
their belongings and personal property as these will be excluded under
both your homeowner policy and the
master property insurance coverage.
If you are a landlord, you should
make sure that you have sufficient
coverage for loss of rent in the event
that the damage to your unit makes
it impossible for your tenants to continue to stay there while you continue
to make payments for condominium
fees and mortgages.

HOW TO PROTECT
YOUR INTERESTS
As a unit owner, you can protect your
interests and your home by finding out
exactly what items the master policy for
your self-managed association actually
covers in a claim situation. You may find
that it provides funding for repairs to
everything or to very little, making your
homeowner policy responsible or you,
yourself, if you have no insurance. You
may be surprised to discover that the deductible is more than you thought it was
and that your HO6 or homeowner policy
needs to be updated to bridge that gap.
Insurance coverage, the claims process,
and most of all, the deductible, are difficult topics for the self-managed board to
explain to homeowners who are shouting,
"But it was not my fault!" at them.
Filing a claim against their homeowner policy brings a protest of "But
my premiums will go up!" Paying out of
pocket for someone else's mistake just

doesn't seem right, and their lament is,
"That is just not fair!"
Unfortunately, that is how insurance and claims and deductibles work,
like it or not. Making sure that you and
your fellow homeowners understand
the insurance program at your selfmanaged association is the only way to
protect yourself.
The self-managed board can distribute
a letter from your insurance agent that
details the coverage provided under the
policy to your unit owners. Even better,
you can arrange for your agent to attend
a unit owner meeting to provide expert
advice and explanations about how
insurance works and how to defeat the
dreaded deductible.
■ PATRICIA BRAWLEY, CMCA, AMS,
PCAM, IS THE OWNER OF CENTRAL
MANAGEMENT AND CONSULTING
SERVICES LLC.

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CONDOMEDIA

Condo Media - April 2018

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