One item that appears on the agenda of both Phase I and Phase II is insurance. In recent years I have not felt comfortable with our level of coverage. I asked our agent on the 28th of August just what coverage we have. She responded with "We are glad to be able to continue our relationship with the Kontiki HOA. As we have discussed, the condos will be built back to "original construction" (+ any required updates such as hurricane straps). If owners have updated countertops to granite they will not be built back with granite, but laminate etc."
In other words in the event of a loss, the condos would be built back just as they were in 1983. Even the lofts that have been added through the years would not be covered. I have put over $30k in upgrades into my place and I want more coverage. Our declaration is rather unique in that the umbrella policy covers much more than just the wall studs out. I questioned her about the proration of costs of insurance that was not in accordance with our declaration. I had mentioned this to her last year and pursued the subject at our owners meeting. She said she understood what our declaration said, but she was doing as our board told her to do. The three bedroom units were being overcharged. To get my foot into the door I filed a complaint with Texas Department of Insurance. That really got things going. It was being said that I was going to cause us to lose our insurance. Below are several pages I got back. It will be necessary to click on the images to be able to read them.
Notice in these two pages the agency shows they are insuring 64 condos. Where are the other two located? They show a per unit cost as our declaration says should be done. This is correct, but when our agent computed the cost she divided the total by square footage thus increasing the cost for three bedroom units.
I'm not sure about the veracity of the answers checked on items 12,13,15,16,and 18.
We do share two employees. The remodeling inside the units may or may not relate to items 12 and 13. We had some items stolen from unit 101 recently.
People have learned after Katrina that the time to ask insurance questions is before a loss, not after. I hope I can have mine answered at the meeting. I understand our agent will be there.
The page above shows we are insuring (2) tennis courts. Where is the other one? It shows one fishing pier, but Phase I paid the major portion of the new pier. Do we have to have any liability coverage for that?
The page above shows one insured as a business that has nothing to do with our HOA. I believe it is a business of one of our board members.
In other words in the event of a loss, the condos would be built back just as they were in 1983. Even the lofts that have been added through the years would not be covered. I have put over $30k in upgrades into my place and I want more coverage. Our declaration is rather unique in that the umbrella policy covers much more than just the wall studs out. I questioned her about the proration of costs of insurance that was not in accordance with our declaration. I had mentioned this to her last year and pursued the subject at our owners meeting. She said she understood what our declaration said, but she was doing as our board told her to do. The three bedroom units were being overcharged. To get my foot into the door I filed a complaint with Texas Department of Insurance. That really got things going. It was being said that I was going to cause us to lose our insurance. Below are several pages I got back. It will be necessary to click on the images to be able to read them.
Notice in these two pages the agency shows they are insuring 64 condos. Where are the other two located? They show a per unit cost as our declaration says should be done. This is correct, but when our agent computed the cost she divided the total by square footage thus increasing the cost for three bedroom units.
I'm not sure about the veracity of the answers checked on items 12,13,15,16,and 18.
We do share two employees. The remodeling inside the units may or may not relate to items 12 and 13. We had some items stolen from unit 101 recently.
People have learned after Katrina that the time to ask insurance questions is before a loss, not after. I hope I can have mine answered at the meeting. I understand our agent will be there.
The page above shows we are insuring (2) tennis courts. Where is the other one? It shows one fishing pier, but Phase I paid the major portion of the new pier. Do we have to have any liability coverage for that?
The page above shows one insured as a business that has nothing to do with our HOA. I believe it is a business of one of our board members.
posted by Kontiki at 9:21 PM
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