6/2/08
1/21/08
Tips & Info for Residential Condo Owners
Your personal property is covered by a unit owner’s policy commonly referred to as an HO6 policy. An HO6 policy provides you with personal property and liability insurance. Make sure the contents limit you choose represents 100% of the personal property you own. Do a quick inventory in every room. One way of determining what you should cover is to imagine turning your house upside down and then cover everything that falls out. Certain items like fine arts or jewelry should have appraisals and be specifically scheduled on your policy. Think about how much money you would need to replace EVERYTHING! Below is a checklist of some of the important items your homeowners policy should have:
1) Coverage A-(Dwelling) Most HO6 policies provide a minimum of $5,000 of unit owner’s coverage under section “A”. Unless your master policy covers individual’s improvements and betterments (such as upgrades to flooring or kitchen cabinets), and you have properly informed your association in writing of the improvements, you will want to make sure that your coverage “A” limit is enough to replace the improvements that have been done to your unit. You will also want to make sure that your coverage “A” limit is at least the same as the master policy deductible. Because of the way the master policies administer losses, many condominiums have been increasing the deductibles on the master policies to reduce the number of claims placed against the condominiums policy and to reduce premium overhead. In most cases, your HO6 policy will be the first to respond (pay) for any covered losses. Once the claim exceeds the master policy deductible limit, the master policy insurance will usually take over.
2) Coverage C- (Contents)- This is where you select the total value of your items which you chose to cover. Make sure you have Replacement Cost coverage on your policy. In the event of a covered loss (such as a fire) your personal property will be replaced at today’s cost without any deduction for depreciation.
3) Coverage E (Personal Liability)- This covers you for bodily injury or property damage that you cause. Most policies start at $100,000 of protection, but for very little money, you can increase that limit to $500,000. If you want higher limits, you would usually need an Umbrella policy. An umbrella policy provides additional liability coverage after your HO6 and auto limits were exhausted.
4) Loss Assessment coverage- This is something every condo owner should have. As a unit owner, you could be assessed a proportionate share to cover major property and liability losses. For example if the building and commonly owned areas are destroyed by a windstorm or fire, and the losses are not fully covered by the master policy, your association may assess all unit owners a certain amount in order to pay for the loss. Your HO6 loss assessment coverage would help pay for these assessments. You should consider at least $5 or $10K in coverage. This too is an inexpensive coverage, so the higher the limit the better.
As you can see, there are just a few important coverage selections which require your regular review. However, there are many other coverage’s which can be added to tailor a policy around your specific needs. For a comprehensive review of your insurance, please feel free to call Craig Childs at 978-462-4434 ext 336.
1) Coverage A-(Dwelling) Most HO6 policies provide a minimum of $5,000 of unit owner’s coverage under section “A”. Unless your master policy covers individual’s improvements and betterments (such as upgrades to flooring or kitchen cabinets), and you have properly informed your association in writing of the improvements, you will want to make sure that your coverage “A” limit is enough to replace the improvements that have been done to your unit. You will also want to make sure that your coverage “A” limit is at least the same as the master policy deductible. Because of the way the master policies administer losses, many condominiums have been increasing the deductibles on the master policies to reduce the number of claims placed against the condominiums policy and to reduce premium overhead. In most cases, your HO6 policy will be the first to respond (pay) for any covered losses. Once the claim exceeds the master policy deductible limit, the master policy insurance will usually take over.
2) Coverage C- (Contents)- This is where you select the total value of your items which you chose to cover. Make sure you have Replacement Cost coverage on your policy. In the event of a covered loss (such as a fire) your personal property will be replaced at today’s cost without any deduction for depreciation.
3) Coverage E (Personal Liability)- This covers you for bodily injury or property damage that you cause. Most policies start at $100,000 of protection, but for very little money, you can increase that limit to $500,000. If you want higher limits, you would usually need an Umbrella policy. An umbrella policy provides additional liability coverage after your HO6 and auto limits were exhausted.
4) Loss Assessment coverage- This is something every condo owner should have. As a unit owner, you could be assessed a proportionate share to cover major property and liability losses. For example if the building and commonly owned areas are destroyed by a windstorm or fire, and the losses are not fully covered by the master policy, your association may assess all unit owners a certain amount in order to pay for the loss. Your HO6 loss assessment coverage would help pay for these assessments. You should consider at least $5 or $10K in coverage. This too is an inexpensive coverage, so the higher the limit the better.
As you can see, there are just a few important coverage selections which require your regular review. However, there are many other coverage’s which can be added to tailor a policy around your specific needs. For a comprehensive review of your insurance, please feel free to call Craig Childs at 978-462-4434 ext 336.
First Blog, but not my last
Hey guys,
2008 finally brings me to the world of blogging. Now that I'm doing it there is probably something else which will surface and render blogs obsolete.
Either way, I finally got the blog off my back. E myth here I come.
Craig
2008 finally brings me to the world of blogging. Now that I'm doing it there is probably something else which will surface and render blogs obsolete.
Either way, I finally got the blog off my back. E myth here I come.
Craig
NEBC
Hi Guys:
Good meeting today. Looking forward to good stuff in '08. Thanks to Dave and Pat for tightening up the concept and getting us blogarific.
Thanks for listening to my plug about NEBC. Craig and I would be pleased to have you as fellow members. Please take a look at the site and if you're into it, click on the membership flyer .pdf on the lower right hand corner of the home page.
As a bonus, I'll give anyone who signs up a free Pats Fan Club or I love NE TZ Tee from www.tztees.com
Thanks again.
Dave
Good meeting today. Looking forward to good stuff in '08. Thanks to Dave and Pat for tightening up the concept and getting us blogarific.
Thanks for listening to my plug about NEBC. Craig and I would be pleased to have you as fellow members. Please take a look at the site and if you're into it, click on the membership flyer .pdf on the lower right hand corner of the home page.
As a bonus, I'll give anyone who signs up a free Pats Fan Club or I love NE TZ Tee from www.tztees.com
Thanks again.
Dave
Jan 21 Meeting
Hi Everyone, a calendar is posted for keeping meetings and agend's centralized. You will need to add google calendar to your repetoir of google products in order to make any postings.
See you next week!
Also, today's hand out can be seen by clicking here
See you next week!
Also, today's hand out can be seen by clicking here
11/20/07
Moving Forward
Hi Everyone,
I'm sorry I missed our last meeting, but my sales meeting ended with him discussing the roll-out meeting with his employees ... I wish I had the contract in hand!!
I was thinking about our recent discussions when a thought popped into my head. Our group is a microcosm of the challenges we face in business. We have a lot of great ideas and discussion, but no plan on what we are trying to accomplish, how we are doing it or a concrete way to hold each other accountable or follow through. Our conversations have bounced back and forth between shaping the group and our businesses.
As we learn to shape this group to create concrete results, this should translate into successful habits in the office. When I started writing the SBEA goals, I became more focused on doing the right things. I'm looking forward to moving forward with this.
I hope you all have a great Thanksgiving!!
Laurie
I'm sorry I missed our last meeting, but my sales meeting ended with him discussing the roll-out meeting with his employees ... I wish I had the contract in hand!!
I was thinking about our recent discussions when a thought popped into my head. Our group is a microcosm of the challenges we face in business. We have a lot of great ideas and discussion, but no plan on what we are trying to accomplish, how we are doing it or a concrete way to hold each other accountable or follow through. Our conversations have bounced back and forth between shaping the group and our businesses.
As we learn to shape this group to create concrete results, this should translate into successful habits in the office. When I started writing the SBEA goals, I became more focused on doing the right things. I'm looking forward to moving forward with this.
I hope you all have a great Thanksgiving!!
Laurie
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