These items are posted for quick scan convenience only. Do not make any decisions based on this unofficial, unsigned, unapproved information.
The Village Blanket Policy is provided by Farmers Group
AT YOUR DISCRETION consider how your insurance needs might work with the Village HOA policy.
Insurance Key Information:
-Condo owners should obtain a condominium owner’s policy, an HO-6, to cover the following:
Personal Property: furniture, clothes, kitchen utensils, bedding, etc.
-Building Property: the association’s building coverage is limited to original condominium plans and specifications. If the original fixtures, cabinets, stove, refrigerator, dishwasher, etc. are replaced with items of like kind and quality, they are covered. However, coverage for additions, alterations, and betterments to your condo unit need to be insured. Also include the cost for installation.
-Loss Assessment: recognizes the potential for owners to be assessed for certain kinds of loss when a claim exceeds the Association’s policy limits of 2 million per occurrence/$4 million aggregate. Most HO-6 policies have only $1,000 coverage. The cost to raise this coverage from $1,000 to $10,000 is probably about $10 a year.
-Personal Liability: If you have assets of a million dollars, you should increase your liability limits to at least a million dollars. This can be accomplished by starting an Umbrella Liability Policy.
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