About The Plaza
Floor Plans
Condos for Sale/Rent
Important Numbers
Contact Us
Resident Directory
Pet Directory
COA Board Members
Documents & Minutes
Message Board
Referral Directory
Maintenance Request


Plaza COA Plaza COA
Master Insurance Policy Change
Posted on Aug 11th, 2014

May be necessary to increase "Loss Assessment" Coverage!
A review by the Master Board (which controls the commercial and residential floors) found that the existing insurance coverage both the COA and Highwood’s was carrying did not match the legal obligations as defined in the Master Association Declaration of Condominium.  

The result of this has been the need for the Master Association to provide the property insurance coverage.  The Master Board will now provide the property insurance coverage for the entire building.  This will eliminate duplicate property coverage for our COA.

This change provides us with better/broader coverage which will include things like earthquake damage(which we did not have before) and eliminate conflicts with damage coverage, which has occurred in the past. This  will save the COA approximately $5,000/yr. 
The new insurance policy requires a higher deductible.  So this change will impact you directly, in that the deductible has increased from $5,000 to $10,000. Most of you already carry “Loss Assessment Coverage” through a loss assessment endorsement to your homeowner’s policy. If your Loss Assessment Coverage is less than $10,000 you need to increase it. In checking with unit owners' policy carriers, it looks like this will amount to less than $10/month for an owner.
Please contact your insurance providers at your earliest convenience to make this change to your policy. Once the change has been made can you please send me an updated declaration page. Thanks in advance for your cooperation!



© Copyright 2023 The Plaza | Homeowners Association Website by HOA Sites | Terms of Use | Admin