|
American Family Insurance
1 W 100 S
Kaysville, UT 84037-1930
Agent: Randy Lancaster
801-444-0227
Building 100% replacement cost
Deductible: $5000
Earthquake coverage
Deductible: 5% of total cost to replace/repair
Coverage amount is the replacement cost on the policy
Under Utah law 57-8-43 and 57-8a-405, the HOA must insure the entire building, not just sheetrock in and not including personal property. These laws supersede anything to the contrary written in the CC&Rs. In the event of a loss, the owner must cover the HOA policy deductible. In this case, the deductible is $5,000. Each owner can either pay for this themselves or get a "Unit Owner" policy (called an HO-6) to cover the HOA deductible in the case of a loss.
American Family also recommends each owner carry:
- Personal property insurance
- Endorsements
- sewer back-up endorsement
- loss assessment endorsement
- earthquake loss assessment (to cover the 5% deductible from the HOA policy)
- earthquake personal property (personal property is not covered in the HOA policy)
|
