As outlined in the Cross Creek Condominium Association Bylaws, the Association is required to provide property insurance to insure all structures upon the property back to original construction specifications. It is the responsibility of the condo owner to secure coverage to protect any deductible responsibility, owner upgrades made to a unit since original build, personal property and loss of use. Deductibles vary depending upon the type of loss.
The Association carries the following limits and deductibles for the policy year 12/13/2022 – 12/13/2023:
Building – $136,495,590
Earthquake – $5,000,000
Flood – $5,000,000
Flood (per Occurrence / per Building) – $100,000
All Other Perils – Including Water and Earthquake (per Occurrence / per Building) – $25,000
Condo owners are responsible for the first $5,000 of any damage for coverage required by the GA Condo Act (fire and extended coverage) to cover a portion of the Association’s deductible. All other perils have a $25,000 deductible (per occurrence) including water damage, flood, and earthquake. We highly recommend that you discuss these requirements with your agent and purchase insurance to provide protection for the portion of the loss that you are responsible for.
We recommend the following coverage amounts under an HO6 policy to protect your interest in the property as well as your personal liability:
Please be advised that these limits are merely a recommendation. You should work with your agent to determine the appropriate levels of coverage to protect your interests.
If you have any questions or would like to talk further on this topic, please do not hesitate to contact the management office.