Heritage Hunt Condominium I
INSURANCE

What you need to know. More importantly, what your insurance
agent needs to know to tell you how much insurance you need.

Most of us probably understand the need for insurance and want to be adequately covered. But are we? How can we know? Condominium insurance is complex and there are a number of issues with which we might not be familiar. Fortunately, among our residents, we have a retired insurance agent -- Stephen Verosko -- who has reviewed our association insurance and has agreed to address any questions residents might have. He is in Building A and you may reach him at x 1835.

Your Condo Unit Owners Association cannot tell you how much insurance is adequate; that is your decision as unit owner. It can however provide some guidance and pertinent information to assist you.

Broadly, there are two distinct areas of insurance for the:

1) Unit Owners Association itself and the common elements of our condominium.

2) Individual condominium unit.

In the event of a loss, money may be needed from BOTH for restoration. It is therefore vitally important that unit owners insurance dovetail with the condominium master insurance policy. The original Public Offering document and each Resale Disclosure Certificate specify:

"Each owner must secure their own individual insurance covering property damage to such Owner's Unit and personal property contained therein as well as insurance covering personal liability."

In deciding on insurance coverage, the following are some important concepts with which you may not be familiar. You do not need to be an insurance expert but you should discuss them with your insurance agent.

• Unit Boundaries -- defined by Declaration of Heritage Hunt Condominium I, Section IV. Unit Boundaries The definition is a bit complicated. The important things to understand is that our condo master insurance policy refers to these definitions and that your insurance agent should take them into consideration in writing your insurance coverage.
• Betterment -- improvements to your condo unit above and beyond the basic unit as built by the developer Do you have upgrade counter tops, floor or floor coverings, wall coverings, closet organizers, patio screens, interior or cabinet modifications, chandeliers, ceiling fans, etc.?
• Personal Property -- broadly, anything that would fall out if your unit were turned upside down, including stove, refrigerator, and washer/dryer. Also furniture, clothing, entertainment equipment, personal possessions, etc.

We suggest that you review your insurance needs with your agent with the above issues in mind. Your agent may find the insurance extracts linked here helpful; so you may want to print them out and give them to your agent. And don't forget to mention that we have sprinklers in the buildings and multiple fire hydrants close by.

Revised 10/05/07

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