All homeowners are required to carry their own HO6 insurance policy over and above the master hazard policy carried by the Association. Homeowner’s HO6 policy shall have adequate real property coverage in an amount at least the same as the Association’s master policy’s deductible. Currently the Association carries a $25,000 deductible on the master hazard policy.
In an insurable event, whether caused by acts of God or by accidental damage to the inside of a homeowners dwelling, the $25,000 shall be paid in the following manner.
In all claim situations, homeowners are to contact the Association Management Company who will submit a claim to the insurance carrier for the Association’s master blanket policy if applicable.
Homeowners shall also contact their own HO-6 policy underwriter to submit a claim on their H0-6 policy. The homeowner’s H0-6 policy shall pay the $25,000 of the Association deductible less the deductible amount carried on the homeowners H0-6 policy.
All insurance proceeds paid to the Association from the master blanket policy shall be paid to the affected homeowner or contractor upon receipt of repair bills evidencing repair work has been completed.
© 2016, Lake Camelot Homeowners Association