Embedded Files
This information is intended to serve as a limited informative guide. It is provided to Homeowners as a source of simple reference. This document will be amended from time to time as service offering change and does not in any way replace, alter, or amend any provision found in the Covenants of SGHOA. Please see the Covenants of SGHOA on the Rules Page section.
Insurance
The Association maintains one or more insurance policies for the protection of Home Owners of the Association, Association Common Areas, and Association Board Members and Officers.
General Property insurance covering the exterior portion of homes and some internal fixtures and furnishings as well as the Association Common Areas as described in the Covenants of the Association
General Liability insurance for the Association
Officers and Directors insurance
Regarding casualty insurance, the original covenants, Article XI: Insurance, dated December 2008 provided for what is commonly referred to as “walls out” coverage of building structures. However, the covenants were amended and restated by the association in September 2012 to provide for extended casualty insurance. This was to allow better definition of what is covered. See the original Covenants document dated December 2008, as well as the First Amendment to the Covenants dated September 2012, Article XI: Insurance, Section 1: Casualty, and Article XI: Insurance, Section 6: Insurance by Home Owners for complete details.
H06 or Condo Policy
Generally, an HO6 or Condo Insurance Policy is recommended for most homeowners. This type of policy typically provides for some, but not excessive, overlap in coverage between SGHOA Master Insurance Policy and each homeowner’s personal insurance policy.
To discuss the specifics of the Association’s insurance policy, please contact SGHOA’s insurance agent listed below:
Erie Insurance
Ray Insurance
Brad or Laura Ray
11411 Overlook Drive
Fishers, IN 46037
Office: 317-841-9995
Covenants Excerpt:
Section 1: Casualty
"The Association shall purchase a master casualty insurance policy affording fire and extended coverage insurance insuring all of the Dwelling Units, Duplex Units and the Common Areas in an amount consonant with the full replacement value of the improvements, fixtures, installed or attached appliances and structural and building equipment which, in whole or in part, comprise the exterior and interior of the Dwelling Units, Duplex Units and Common Areas, including, but not limited to, all floor, ceiling and wall coverings and fixtures (by way of example and not of limitation, carpet, tile, flooring, drywall, wallpaper, ceiling fans, window blinds, duct work, ventilation systems and plumbing, dishwashers and overhead microwaves)."
"The Association shall purchase a master casualty insurance policy affording fire and extended coverage insurance insuring all of the Dwelling Units, Duplex Units and the Common Areas in an amount consonant with the full replacement value of the improvements, fixtures, installed or attached appliances and structural and building equipment which, in whole or in part, comprise the exterior and interior of the Dwelling Units, Duplex Units and Common Areas, including, but not limited to, all floor, ceiling and wall coverings and fixtures (by way of example and not of limitation, carpet, tile, flooring, drywall, wallpaper, ceiling fans, window blinds, duct work, ventilation systems and plumbing, dishwashers and overhead microwaves)."
Section 2. Insurance by Owners
Section 2. Insurance by Owners
"Each Owner shall be solely responsible for loss or damage to the contents of such Owner's Dwelling Unit (by way of example and not of limitation, furnishings and unattached appliances), such Owner's personal property stored elsewhere on the Tract and any landscaping or gardens, regardless of how said loss or damage was caused (including, but not limited to, the negligence of the Association); and the Association shall have no liability to such Owner for loss or damage
"Each Owner shall be solely responsible for loss or damage to the contents of such Owner's Dwelling Unit (by way of example and not of limitation, furnishings and unattached appliances), such Owner's personal property stored elsewhere on the Tract and any landscaping or gardens, regardless of how said loss or damage was caused (including, but not limited to, the negligence of the Association); and the Association shall have no liability to such Owner for loss or damage
Conclusion
SGHOA maintains a master insurance polity for the benefit of all home owners under the direction of the Covenants of SGHOA. However, not all home owner insurance needs are met by the SGHOA master insurance policy.
Each home owner is strongly encouraged to consider their personal insurance needs carefully after thoughtful consultation with an insurance professional.
Each home owner is strongly encouraged to consider their personal insurance needs carefully after thoughtful consultation with an insurance professional.
Hypothetical Examples of Insurance Coverage
Hypothetical Examples of Insurance Coverage
Hypothetical examples of insurance coverage are provided as examples only and ARE NOT a guarantee of insurance coverage under SWGHOA master insurance policy. Each incident and insurance claim is heavily fact dependent and the circumstances of each individual claim will be the determining factor in the final coverage decision. To view the examples click on the Hypothetical examples below.
Hypothetical examples of insurance coverage are provided as examples only and ARE NOT a guarantee of insurance coverage under SWGHOA master insurance policy. Each incident and insurance claim is heavily fact dependent and the circumstances of each individual claim will be the determining factor in the final coverage decision. To view the examples click on the Hypothetical examples below.
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