It is highly recommended that you obtain personal insurance to supplement that provided by the Association.
The Association maintains fire insurance on your entire structure. A summary of the Association’s insurance is distributed annually to members and is also available under Forms.
Many risks, however, are not covered, so you should obtain “Unit Owners’ Insurance.” Such a policy insures, for example, the contents of your home and provides personal liability protection. In some instances, it may also address the deductible for the Association policy.
You should check with your insurance agent to be certain you are properly insured. A good quality owner policy should include the following:
1. Additional Living Expense: Covers expenses incurred as a result of insured damage to your home that require you to temporarily move out while repairs are completed.
2. Personal Liability: Covers your personal liability.
3. Loss Assessment: Covers certain special assessments, up to a stipulated limit, if the assessment is due to a direct loss caused by an insured peril. Because the Association does not maintain earthquake insurance, you may want to look into obtaining earthquake/loss assessment coverage.
INSURANCE DISCLOSURE: The summary of the association's policies of inurance provides only certain information, as required by subdivision (e) of Section 1365 of the Civil Code, and should not be considered a substitiute for the complete policy terms and conditions contained in the actual policies of insurance. Any association member may, upon request and provision of reasonable notice, review the association's insurance policies. Although the association maintains the policies of insurance specified in this summary, the association's policies of insurance may not cover your property, including personal property, or real property improvements to or around your dwelling, or personal injuries or other losses that occur within or around your dwelling. Even if a loss is covered, you may be responsible nevertheless for paying all or a portion of any deductible that applies. Association members should consult with their individual insurance broker or agent for appropriate additional coverage. If, after reviewing the informaiton, you have any questions, please contact the Association's insurance agent.