Insurance Information
The duties to purchase insurance are detailed at Condominium Bylaws Article IV. Every co-owner should consult with their own insurance agent concerning their personal insurance needs. Generally speaking, each co-owner should investigate obtaining an HO-6 Condominium Owners Policy. Additional coverage’s will be needed beyond the insurance provided by the Association, especially with respect to alternate/additional living expenses, contents, betterments and improvements, alterations and additions and sewer back up. The Association is not responsible for cleanup or damage inside the unit caused by sewer backup. Co-owners are responsible for all basement drywall, regardless of the cause of damage.
The Insurance Agency for the property owned by River Pines of Farmington Condominium Association is the Piper-McCredie Agency, Inc. The policy provides the hazard insurance on the buildings for the structures as they came originally equipped including improvements and betterments made by the owners. Liability coverage is also provided for the common areas.
If you have a mortgage on your unit, your mortgage company may request a proof of insurance on the building. You may request one online or by calling the office at 1-800-333-0983, or by having the mortgage company fax the request to 1-810-767-7323. They will be sent verification of coverage within 48 hours.
As a unit owner, you should have purchased a separate Condominium Unit Owners Policy, which in insurance terms is called a HO-6. This protects you personally for your contents and liability. A limit of at least $2,500 should be provided for your improvements and betterments, as you will be responsible for the Association's deductible for these items. You should purchase the "Special Coverage" Form, not "named peril" form. Piper-McCredie also suggests an extension endorsement that would provide coverage for the loss of refrigerated products and the backing up of sewers. If you are not sure if your policy provides these coverages, speak to your homeowner's insurance agent.
The agent for Piper-McCredie that handles our account is Thomas Dawson, assisted by Teri McConnell.
The video below is a brief explanation of insurance considerations when living in a condominium