Village at Towne Center carries a Master Insurance Policy issued by QBE Insurance Corp through agent Barry Keime of Russo & Associates Services, Inc. The coverage under the policy is all-inclusive and extends to the interior of individual units. This exceeds the coverage inferred by our CC&R’s for HOA coverage of units’ interior to include builder’s standards only. The Master Insurance Policy will rebuild your unit to its original construction, minus the Master Insurance Policy deductible of $25,000. The Master Insurance Policy does not pay for additions, upgrades, betterments or improvements made to the unit by any owner.
Master Insurance Policy Deductible
The Association’s Master Insurance Policy includes a $25,000 deductible on all claims. A claim with the Association does not trigger until the covered damages are over the $25,000 deductible. In the event of a loss that exceeds the Association’s $25,000 deductible AND involves multiple Units, a Unit will need at least $10,000 in covered damage to be included in the claim.
Individual HO6/Condo Policy Needed
While the Association's Master Insurance Policy covers many of the insurance needs for each Unit Owner, every owner needs to purchase and carry a personal HO6/Condo policy to make sure they are adequately covered in the event of a loss. An HO6/Condo policy provides coverage for personal belongings, liability, additional living expenses, and coverage for additions, upgrades, betterments and improvements made to the condo. Owners should carry a MINIMUM of $25,000 for your interior building, plus betterments and improvements coverage. This will ensure you have coverage for losses not covered by the Association, or losses below the Association's deductible of $25,000. YOU are responsible for any damage to your home that is under the Association deductible.
What Types of Losses are Covered?
Examples of covered losses include fire, lightning, wind, hail, explosion, smoke, vandalism, and falling objects. Water damage is covered for sudden and immediate water escape or overflow; there is no coverage for repeated water leaks or seepage.
Do You Rent Out/Lease Your Unit?
If you rent out or lease your Unit, please let your personal insurance agent know because the standard HO6/Condo policy does not cover condominium units that are rented or leased. You will need a Landlord policy for rentals.
Agent Contact Info
Russo and Associates Services, Inc.
5777 South Rural Rd Suite 6
Tempe, Arizona 85283
Barry Keime, Agency Owner