Insurance

12storm98

Effective September 1, 2023 Ellsworth Village Condominiums revised their Master Insurance Policy.

It is critical that all unit owners revisit their personal condominium insurance (HO6) policies with their insurance agent.

  1. The  Master Policy is “All In”. Most condo associations have this style of insurance. It means that some items within your condo that were not covered by the Master Policy in the past are now covered. Examples would be flooring and kitchen cabinets.
  2. The deductible for the Master Policy has been increased from $10,000 to $25,000. This saves the HOA significantly on it’s premium payments. Unit owners are now responsible for the first $25,000 of a claim.
  3. A properly written unit owners HO6 policy will cover the Master Policy $25,000 deductible using “Coverage A – Dwelling”. This will limit out of pocket expenses for owners. A recommended Coverage A amount is now $50,000.
  4. Most owners will see only a modest increase in their HO6 policy premiums.
  5. An HO6 policy that has inadequate Coverage A may lead to an owner essentially being “self insured”  and will incur a major expense if damage occurs.
  6. Another area to review is “Loss of Use”. The cost of temporary housing for 18 months is recommended coverage.
  7. Owners should ask for “replacement cost” coverage and should maintain an inventory of personal possessions – off site.

Special Note: Unit owners who submit a claim, may have that claim denied if improvements (modifications such as a new kitchen) have not been submitted to the Board of Governors for approval. 

For questions about the Master Policy:

Speak with Linda Allen at Linear Property Management.  978-649-1818

Personal HO6 agents should confer with Kevin Kehoe at WTPhelan Insurance Agency
(Assured Partners). 781-641-7230