We hope this note finds you well and this information is helpful. The following information is to inform you of the insurance coverage Cedar Ridge Owners Association has in place and provides information on insurance coverage the unit owner should consider carrying.

 

Article 9.3 of the Cedar Ridge CC&R’s outlines unit owner’s duty to obtain insurance for their own personal property. Owners are also encouraged to carry public liability insurance to protect them from their own personal liability resulting from the ownership of the unit. Primarily from damage to persons or property occurring inside the unit, or elsewhere on the property.  Changes in Utah Condo law also require unit owners to be responsible for the deductible of the master associations blanket property policy. TIn 202the deductible for Cedar Ridge was changed from $10,000 to $25,000. If a covered loss causes damage to the building associated with your unit, you as the unit owner are responsible for the first $25,000 in damage. It is recommended that you contact your insurance representatives, and make sure you have $25,000 in dwelling coverage included in your unit owner policy. You can also typically insure your personal property and public liability on this same policy. Most insurance carriers refer to a condo unit owners policy as an “HO6” policy. Attached to this document is a brief checklist of potential insurance coverages that you should review with your personal insurance representative.

 

The master property policy does not cover earth movement, surface water flood, terrorism or landslide. Other common coverage exclusions are war, nuclear, biological, chemical and radiological hazards, damage from insects, animals, mold, fungus, dry rot, wet rot, bacteria, smoke, vapor and gas from farming of industrial operations, pollution, removal of asbestos, wear and tear, governmental action, utility services, settling, cracking of foundations or hard surfaces, mechanical breakdown of equipment, continuous leaking of water that occurs over 14 days or more, freezing of plumbing unless attempts are made to have heat maintained, collapse, defective design or construction. Please consult your personal insurance advisor for more information on standard property insurance exclusions. A full copy of the insurance policy is available for unit owners to review on request.