Friends- I am happy to report that the insurance review has been completed and our agent, Daryn Farmer, suggests we increase the building coverage from the current 7.8 million to $9,082,000 based on current replacement values. This would cover 100% replacement cost to each unit, as called for in our bylaws, should the worst happen.
Items we discussed included the benefit of remaining under a joint policy with WW I Association. This gives us both the benefit of a shared general liability policy. Should we ever decide to separate from Wildwood I, our premiums could potentially double to maintain the same level of coverage required in our bylaws.
Daryn performed an on-site inspection of the properties and urges us to expedite all deferred maintenance. He noted rotted facias, roof trouble, and siding issues that, if untended, could lead to cancellation of the policy. I assured him we are working diligently to address all deferred maintenance as quickly as finances allow.
A note of interest that we all should consider is that since the HOA carries replacement cost coverage for the entire unit (not the contents), as well as the common elements, some of us may have redundant coverage with our homeowner’s policy. I urge you to take the bylaws to your agent, refer them to Article VIII beginning on page 19 related to insurance and ask them to review your personal homeowner’s policy. Daryn happens to be my personal agent as well and he was able to save me a fair bit of money on the policies I hold on Wildwood II properties because I had assumed I needed a conventional homeowners policy.
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