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Plaza COA Plaza COA
2014 Insurance Update
Posted on Mar 6th, 2014

The Condominium Owners Association (COA) is updating its files and requests all condominium owners to submit one of the following as proof of  homeowner’s insurance on your unit:  (i) a declaration page to your homeowner’s insurance policy, (ii) a certificate of insurance, or (iii) a copy of your individual homeowner’s insurance policy.  If you have not already sent this to me, please send it by May 15, 2014.  Your insurance agent should be able to assist you if you have questions about any of these documents.  
The Board is also recommending that Plaza condominium owners obtain Loss Assessment Coverage through a loss assessment endorsement to the homeowner’s policy.  This endorsement should be for a minimum amount of $5,000 and will cover the condominium owner for the amount of an assessment by the COA for losses, not covered by the COA master policy, which occur to the owner’s unit or other units when the owner’s unit is the cause of those losses.  The Loss Assessment Coverage should only add about $3-$15 per year to the policy premium.




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