Insurance Type Explanations

I. PROPERTY COVERAGE:
A. “Risk of Direct Physical Loss” coverage (subject to policy limitations) The Association is protected by Comprehensive Property coverage, subject to the standard exclusions such as, but not limited to, earthquake, flood, water seepage, backup of sewers, war, pollution, normal wear and tear and vermin.
B. Replacement Cost restores Association Insured Property to the builder’s original grade in the event of a covered loss.
C. A deductible applies to all property losses.  This deductible varies per Association, ranging from $1,000 to $5,000.  The deductible for water related losses, including ice damming, may be assessed on a per unit, per occurrence basis.  *NOTE:  The actual amount of the water damage deductible will vary per association.  Wind Deductibles in Coastal Areas are usually 3%-5% of  Total Insured Value.
D. The Association’s insurance policy covers the homes with the builder’s standard grade basic features.  This includes such items as bathroom fixtures, kitchen cabinets, built-in appliances, basic carpeting, partitioned walls, repairing sheetrock and a sealant coat of paint.  You are responsible to insure any decorations, additions, alterations, upgrades or options (such as wallpaper, lighting, painting and finished basements) that are made by you, or a prior owner.
II. LIABILITY COVERAGE:

This coverage protects the Association against bodily injury or property damage to others for which the Association becomes legally liable.  It is recommended that homeowners purchase insurance to protect themselves from personal liability, as well as for the interior of their home.

III. ADDITIONAL ASSOCIATION COVERAGES:

The Association may also be protected for Fidelity, Workers Compensation and Directors and Officers Liability.  For more information concerning these coverages, please feel free to contact our office for details.

IV. CLAIMS:

Any and all claims against the insurance policies held by the Association must first be reported to the Property Manager and/or Board of Trustees.

V. HOMEOWNER’S NEED FOR PERSONAL INSURANCE:
In order to complete your insurance protection, you, as a Resident Homeowner, will need to purchase coverage for your personal contents, loss of use, personal liability, loss assessment, and additions and alterations (including decorating, upgrades or options made by you or a prior owner.) This policy is commonly known as a Condominium Homeowners or HO-6 policy. As an Owner-Nonresident, insurance is still necessary.  The policy that is needed is a Combination Dwelling Policy.  The coverages listed above, as well as “loss of rents” should be included.
 

ARE YOU COVERED CORRECTLY?
Find out today!

As a homeowner under the Acri Management umbrella we will perform a free analysis of your current insurance policy.Call our Acri Insurance Counselor, Lori Miller at 412-459-0111 extension 123. She will perform a complete review of your needs and evaluate your present insurance coverage. She will make sure your current policy is matching up with your association’s insurance policy. Your current agent may not be aware of the particulars of your associations policy. Make sure you are adequately protected. Call Lori or email her today @ lori_miller@acrirlty.com
 

Click here to fill out the free analysis request form and submit it now.

Make SURE you are covered!