Reston, VA , June 28, 2010 - Prior to becoming an HO6 (Condo) Insurance Specialist, Irene K. Anderson, CMCA, was an on-site Certified Manager of Condominium Associations. She managed both a high-rise and a low-rise condominium complex. After handling several insurance claims at these properties, Ms. Anderson became well-versed in insurance responsibilities for both the Association and the Condo Owners, which are respectively covered under an association’s Master Policy insurance and HO6 insurance.
In nearly each claim she managed, Ms. Anderson was astounded to discover that most Condo Owners are unaware they can be held financially responsible for the Master Policy insurance deductible under certain criteria when the source of the incident stems from their condo unit. Master policy deductibles typically run anywhere from $5000 to $10000, depending on the property. 70% of Condominium By-Laws in the Washington D.C. Metropolitan area however, do not require their owners to carry HO6 insurance.
Ms. Anderson feels very strongly about reconciling this. Most owners surveyed erroneously believe the Condo Association “will take care of things” in the event of an incident, simply because they pay their condominium fee. This thinking is a symptom of simply not being informed. The benefits of having HO6 coverage for under $300 annually far outweigh the risk of paying a 5-digit deductible out-of-pocket, which could lead to a Board-driven foreclosure, if the owner is unable to pay.
Ms. Anderson’s mission is to teach Washington DC Metro area condo owners, both current and potential, solid HO6 and Master Policy information. Armed with the right information, she knows they will choose wisely.
Irene K. Anderson, CMCA, Insurance Specialist, has extensive Condominium Insurance knowledge from a general management perspective and from an insurance perspective. She has also resided as both an owner and a renter in condominium complexes for over 25 years. Ms. Anderson can be reached via email with questions at irenekanderson@gmail.com.
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Unique Original Articles » Condo Owners Could Be Held Responsible To Pay Master Policy Insurance Deductible of $10,000
Condo Owners Could Be Held Responsible To Pay Master Policy Insurance Deductible of $10,000
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