Are you fully protected if disaster strikes?
Is your home fully insured? Is your policy a HO-3 with full dwelling protection? Property owners must carry enough dwelling insurance to provide for the full cost of rebuilding if disaster strikes. Call your insurance agent today to find out. Don't wait for disaster to strike to learn that you are not properly insured to rebuild your home. Refer to Article IX - Insurance, Section 2 in the CC&Rs governing documents which outlines the owners insurance coverage requirements.
It is worth noting that simply because the HOA provides some of the routine exterior maintenance, it does not mean the HOA will pay for rebuilding your townhome if it caught fire or was damaged in a hurricane. Your HO-3 owners insurance policy coverage protects the interior of the dwelling (including your contents), the structure, and the property it’s built on. Call your insurance agent today and confirm that you are fully insured with a HO-3 "special form" policy. Provide proof of coverage to the property manager every time you renew your insurance policy.
Be sure that your declarations page lists the property manager as the additional insured. See sample below. Avoid being fined and submit your proof of insurance to the property manager, yearly, upon your insurance renewal date.
Questions / Concerns?
If you purchased property in Autumn Glen, surprise! You own a townhome, not a condominium. This is important to note to your insurance agent. Explain to your agent that you (the owner) - not the HOA - are responsible for carrying dwelling insurance at the highest insurable value. You want to purchase enough protection for full replacement value of the premises. Call your agent and confirm your insurance coverage now. Make sure your coverage is a HO-3 "special form" policy.
If you are considering purchasing flood insurance (in addition to your homeowners insurance), visit the National Flood Insurance Program. You can rate your flood risk, estimate your premiums and find an agent.
The Association currently carries a Post Construction Subterranean Termite Repair and Retreatment Warranty through B&B Exterminating of Jacksonville, Florida. This policy is renewed annually in December. At that time, interior inspection of units can be performed upon request. Questions or concerns regarding the termite bond should be sent to the Autumn Glen property manager.