My post of 28 Feb 09 on this blog--just before this post you are reading now--extensively quoted provisions of our Market Street at Town Center Condominium bylaws pertaining to casualty (property) insurance coverage for the particular unit we happen to own. I find some of those bylaw provisions confusing. I have more questions now than when I started looking into this insurance issue. To intelligently purchase a property insurance policy for one’s unit, a unit owner needs answers to many of these questions. I believe our Board of Directors should formulate a policy resolution that addresses the following questions.
What is the amount of the master insurance policy deductible?
For unit damage covered by the Association master insurance policy, does the unit owner or Association pay the deductible amount?
If the amount of damage to a unit from a casualty is less than Association master insurance policy deductible, is the unit owner or the Association responsible for the cost of the repairs to the unit?
Does the Association master insurance policy cover water damage? If so, what types of water damage? What about water damage where the source of the water that caused the damage is unknown?
What exactly are the specific perils the Association master insurance policy covers?
What is the procedure for a unit owner to read or get copy of Association master insurance policy?
What insurance company provides the Association master insurance policy? What are the name and phone number and email address of the agent of that company that handles questions and claims against our Association’s master insurance policy?
If there is a casualty to a unit, is the unit owner supposed to contact the Association or the Association’s insurance agent regarding the claim?
If you wish to comment regarding this insurance issue, please do so on my forum at http://mstcuoa.proboards.com/index.cgi?board=stillrelevant&action=display&thread=57
Or, if you prefer, email your comment to rasmussen305@gmail.com
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