As outlined in the Cross Creek Condominium Association Bylaws, the Association is required to provide property insurance to insure the basic elements of the buildings, standard finishes and fixtures, as well as any common areas throughout the property. As such, it is the responsibility of the condo owner to secure coverage to protect your personal property, building additions, betterments, and alterations including upgrades of finishes and fixtures. The Association carries the following limits and deductibles:
Building – $116,735,662
Flood – $1,000,000
Earthquake – $1,000,000
All Other Perils – $5,000
Wind per Building – $2,500
Water per Unit – $15,000
Earthquake – $25,000
Flood – $100,000
Each condo owner is responsible for the first $5,000 of any property claim in order to cover the Association’s deductible. In the event of water damage, the condo owner is required to cover the first $15,000. We recommend that you discuss this situation 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 HO-6 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 ever have any questions or would like to talk further on this topic, please do not hesitate to contact the management office.