Insurance 

INDIVIDUAL INSURANCE TO BE CARRIED BY THE OWNER 

LIABILITY

Because our master insurance policy covers only the buildings and the common area of the complex, it is very important that each homeowner carry an “HO6 Owners Policy” or its equivalent and a policy covering the owner’s individual liability for damage to property or injury to persons occurring within the owner’s lot.  For example,if a guest should trip and fall over a child’s bicycle and be injured, the association’s master policy does not cover it.  The owners individual policy would cover it.

The following are the minimum liability:

PUBLIC LIABILITY -   $300,000 per occurance

PROPERTY DAMAGE -  $150,000 per occurance 

LOSS ASSESSMENT

In addition, because the master policy maintains a $5,000 deductible for losses on the individual homes each homeowner should obtain loss assessment coverage to cover the deductible on a loss to his/her property. The following is recommended.

LOSS ASSESSMENT-     $5,000 per occurance 

PROPERTY UPGRADES

Our master policy covers our buildings and interior fixtures at their full replacement cost, but only to the extent that they are replaced to their original construction.  For that reason, if your home has upgraded floors, windows, counter-tops, cabinetry, etc., each owner’s individual HO6 policy should include insurance to cover those upgrades. 

The Meadows Board strongly recommends that you contact your personal insurance agent to be sure your policy covers you to the minimums described above.