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INSURANCE


ANNUAL MASTER INSURANCE:  
Certificate of Insurance can be found below in .pdf format

The yearly premium cost for the Associations insurance is $626,000.00 to $690,000.00.  
The standard rate for a wind and hail claim deductible is 5% of the PROPERTY VALUE.  Our property value for renewal was 64 million. In the event of wind or hail damage for the 2023-2024 year,  the deductible will be $3,200,000.00. Your portion of that deductible will be $7,881.77. We strongly recommend that all homeowners update their loss assessment coverage with your personal insurance carrier with the maximum amount that they can afford.

MASTER INSURANCE
CREST Insurance Group of Colorado
2000 S Colorado Blvd, Tower 1, Suite #11100, Denver, CO 80222
Contact Information:
Local: (720) 667-1850
Toll Free: (888) 881-5765
[email protected]
Customized HOA Certificates  : Involving New Loans Lenders, Loan Processors, Brokers, Title/Escrow, Real Estate Agents or Closing simply contact Crest Insurance Group of Colorado.  

HOMEOWNER'S/CONDO INSURANCE ( HO-6)

Homeowners should obtain and maintain the appropriate homeowners insurance separate from the master policy on their units, sometimes referred to as an HO-6 policy. HO-6 insurance policies cover the interior of the unit and personal property. We also recommend High Deductible and Loss Assessment (special assessment) coverage.  For more information about these products please contact your personal insurance carrier.  If you are unsure of whom your HO-6 carrier is; then we recommend that you contact your Lender to find out.


FHA REQUIREMENT : Owners are required to obtain HO-6 policies if the master or blanket policies do not include interior unit coverage including replacement of interior improvements and betterment coverage (i.e. an “all in” policy). 

RENTERS INSURANCE
If you are renting a unit or if you have renters in your unit, it is your responsibility to cover your losses. Ensure your policy has enough coverage.  If you don't have coverage contacts an Insurance Specialist.  Remember, you may want to look at more policies to further your protection.
 
 
LOSS ASSESSMENT COVERAGE  and WIND AND HAIL DEDUCTIBLE
All major insurance carriers who sell these policies to HOA's are moving to a 3% or 5 % deductible for wind and hail damage.  Your HOA Board will almost certainly be forced to buy a policy with the 5% deductible.  Why?  Colorado gets a lot of wind and hail.  What does that mean?   Just assume that the entire property is worth approximately 64 million dollars, which is just a rough estimate of our current market value, and then a peril hailstorm hits.  Our 5% deductible (the money we must pay before insurance takes over for the balance of the loss) would be $3,200.000.  Since our  Reserves cannot absorb the loss,  then a Special Assessment is sure to follow.  

How do you protect yourself financially?   Call your insurance agent to discuss adding something called “Loss Assessment Insurance,”   It is designed to pay your portion ($7882.00 in this example) of the Special Assessment, minus your deductible. 

There is not much that can be done when weather strikes and creates a peril loss, but did you know that Homeowner and Tenant actions determine Insurance risk as well? Insurance premiums are based on risk. A preventable loss will increase our insurance costs. We urge everyone to speak up and, report City Ordinance and HOA violations that create a hazard or objectionable risk situation. These are just a few examples of such risk include trash, the use of barbecue grills within 10 feet of any combustible construction, vandalism, trespassing, squatting, illegal activity, vehicle abandonment, and pet care. For a full list of City and code violations or to report a violation please visit https://www.auroragov.org/residents/code_enforcement
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