Questions:
Why did the Board vote to increase the deductible?
HOA’s are generally increasingly choosing higher deductibles for their Master
Policies reducing the premium paid by the HOA for the Master Property
Insurance Policy.
What does the TCV Master Property Policy cover?
General liability for the association and property damage coverage for the
common area (neighborhood property) and property damage to individual homes
in excess of $50,000.
What does my individual H06 property insurance cover?
Each owner in our community should have a H06 policy which covers personal
liability, the master policy deductible, and personal property. It is suggested that
owners have additional endorsements for Sewer Backup and Loss Assessment.
What if I rent my home?
You need to have a Business Owners Policy with at least $50,000 on the
structure for the Master Policy deductible. Your renter should have a renter’s
policy to cover their personal property and liability.
What if I don’t increase my master policy deductible?
If TCV property damage occurs, you may be responsible for the difference in the
master policy deductible on your policy and $50,000.