July 1, 2020
Hurricane season began June 1st and officially ends November 30th.
In the event of a Hurricane or other disaster prepare an Emergency Supply Kit, which includes items like prescriptions, non-perishable food, water, a battery-powered or hand-crank radio, extra flashlights and batteries. You may want to prepare a portable kit and keep it in your car in case you are told to evacuate.
Please remember that if you do plan to be away from your home and/or unit, to place your balcony/patio furniture inside of your unit or garage, turn off your water heater (and remember to turn the breaker off to your water heater at the same time), and clean out your refrigerator.
If you own a condominium or townhome and haven’t looked at your H06 coverage, this would be the best time to do so to make sure that you are properly covered in the event of a loss. Remember…when there is a named storm in the Atlantic, you cannot bind insurance coverage.
If you don’t have an H06 insurance coverage, we highly encourage you to bind this coverage. Questions to ask your insurance agent:
- Do I have enough coverage for my personal belongings?
- If there is a loss, and I have to store my personal belongings, do I have this coverage? If so, how much coverage per month and for how long?
- If I live in my condominium, and I have to relocate during repairs do I have coverage to rent a property during the repairs? If so how much per month and for how long?
- If there is an assessment for excess of expenses over income for repairs, do I have this coverage? If so what is my limit? What triggers assessment coverage under my policy?
- The Association has Wind & Hail coverage, do I need this coverage stipulated to cover my personal belongings?
- The Association does not have flood coverage. Do I need flood coverage for my personal belongings?
- Do I have coverage for upgrades and improvements?
- If you rent your unit, do you have coverage for loss of rental income?
- WARNING: Some insurance agents have been known to recommend a HO4 policy for condo owners since the building structure is covered under the Association Master Policy. We strongly encourage you to request a HO6 policy which will include coverage depending on the amount requested by you for 1. Building improvements and betterments (this includes your screened porches and other upgrades), 2. Loss of use or loss of rental income, 3. Assessment coverage. Not having these coverages can cost you thousands.
If there is a loss, the Association’s insurance coverage may rebuild the building back to its’ original builders’ state less any upgrades or improvements, personal belongings and the Association’s insurance deductible.