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INSURANCE

First Amendment of the Amended and Combined Condominium Declaration of Quail Run.
TO HELP KEEP HOA COSTS STABLE , DON'T FORGET TO RETURN YOUR COUNTERPART FOR NOTARY VERIFICATION WE STILL NEED SIGNATURES !
If you need a Notary , please contact the office. We have a Notary on site. 

ANNUAL MASTER INSURANCE:   
Certificate of Insurance can be found below in .pdf format
The Association insurance policies recently renewed for the 8/17/2025-8/17/2026 policy term. Outlined below are important changes to the policies which all Owners should be aware of. The commercial property policy contains deductibles that you may be responsible for should a loss impact your Unit or the association as a whole. It is imperative that you consult with your personal insurance broker or carrier for coverage recommendations based on the information provided below. Below are the deductibles on the current commercial property policy that you may be responsible for as an Owner should a loss occur: $25,000 per Occurrence for all Covered Losses other than those caused by Wind or Hail  5% per Building/Structure for Covered Losses caused by Wind or Hail (Note: this equates to $3,278,974 or $8,076 per Unit if assessments are split equally among all Owners). 
Please note: The policy has a Maintaining Heat Level Exclusion which states the carrier will not pay for loss or damage caused directly or indirectly by, resulting from, or to the extent contributed to, or made worse by, the failure to maintain a room temperature at a level sufficient to prevent freezing in all rooms of the buildings insured under the policy.

MASTER INSURANCE
ALLIANT INSURANCE SERVICES
6400 S FIDDLERS GREEN CIRCLE 20TH FLOOR 
GREENWOOD VILLAGE, CO 80111
 
FOR CONDO CERTS : [email protected] or http://www.insurancecert.com/alliant/Search.asp See form below for request and processing information. 
Customized HOA Certificates  : Involving New Loans Lenders, Loan Processors, Brokers, Title/Escrow, Real Estate Agents or Closing simply fill out the Condo Cert Request Form below and send via email to [email protected]  


 MAKE SURE YOU HAVE AMPLE HOMEOWNER'S/CONDO INSURANCE ( HO-6 or HO-5) 
  SEE DOCUMENT BELOW : Condominium Owner Policy/ HO-6 Policy Information 

The Master Policy covers the common areas and the building envelope. It does not cover or protect your personal, upgrades betterment or belongings inside your home. Many homeowners assume that since the Association carries insurance there is no need to purchase additional insurance. If there were to be a loss of property caused by a natural disaster such as a tornado, fire, or more commonly known to Colorado, hail, the Association’s insurance would only cover the loss or damage to the building itself, not items considered limited common element nor the inside your home. We cannot emphasize enough, the importance of obtaining Homeowner’s Insurance and/or renter’s insurance, if applicable. We encourage homeowners to look into adding Loss Assessment Endorsement coverage to their individual insurance policies. This type of coverage is typically quite affordable, so please consult with your personal carrier. These types of endorsements are meant to offset your exposure to an assessment arising from payment of the Association’s insurance deductible. Be sure to ask your agent if your loss assessment coverage would cover you if you were to receive an assessment from the HOA for a wind/hail deductible. The deductible on the policy for wind/ hail damage for 2024-2025 is 5% of the property value. You will be responsible for your portion of the deductible if the Association is subject to this type of peril loss. 

LENDERS and FHA REQUIREMENT : Owners are required to obtain HO-6 or HO-5 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). 

Homeowners should obtain and maintain the appropriate homeowners insurance separate from the master policy on their units, sometimes referred to as an HO-6 OR HO-5 policy. HO-6 OR HO-5 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.
 
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 5 % deductible for wind and hail damage. 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 over $3,200.000.  Since our  Reserves cannot absorb the loss,  then a Special Assessment is sure to follow.  How do you protect yourself financially?   Call your insurance agent to discuss adding something called “Loss Assessment Insurance,”   It is designed to pay your portion ($ over $8000.00 in this example) of the Special Assessment, minus your deductible. 

 KEEP IT LOW RISK 
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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