GUIDELINES FOR CONDO INSURANCE COVERAGE 2020
Troon HOA is responsible for insurance coverage for your building up to the unfinished interior perimeter walls, but not including the air conditioner, furnace or hot water heater.
The unit owner is responsible for interior wall and floor coverings, finishing work, all plumbing fixtures, cabinets, appliances, heating and air conditioning systems, hot water heater, etc.
To determine unit owner’s coverage amount, you need to look at 3 unique components. The first two components are considered “part of the condo unit”. You will not take these components with you when you move out. The third component covers the items you will take with you when you move – your personal property.
•Component 1– This is the replacement cost of the basic unit without any upgrades. This amount varies by each floor plan.
2020 Suggested Replacement Cost:
Ascot - 2020 Dwelling Coverage - $73,382
Belmont -2020 Dwelling Coverage - $88,047
Edinburgh I & II - 2020 Dwelling Coverage - $117,463
Windsor - 2020 Dwelling Coverage -$161,545
2019 Suggested Replacement Cost:
Ascot - 2019 Dwelling Coverage - $71,245
Belmont - 2019 Dwelling Coverage - $85,483
Edinburgh I & II - 2019 Dwelling Coverage - $114,042
Windsor - 2019 Dwelling Coverage - $156,840
•Component 2– This is the cost of any upgrades added while the unit was being built such as hardwood floors, upgrades to carpeting and cabinets, tile floors, etc. Also add improvements made since moving in like blinds, UV window film, fans, additional heat / ac vents, additional insulation, etc.
•Component 3– This is your personal property you moved in or acquired since moving in and you will take with you when you move out. This includes furniture, non-installed appliances, clothing, computers, paintings, jewelry televisions, etc.
Use component 1 plus component 2 to determine the amount the unit owner needs to cover for the interior of the unit. Your insurance agent will use this amount for “dwelling” or “property” coverage. The add in Component 3, your “personal property” coverage amount.
Use these guidelines to work with your insurance agent to develop your condo policy.
The dwelling coverage amounts are increased by 3% annually.
Reminder: The HOA can take out insurance on your behalf and at your expense if you fail to comply with this request. The HOA has a legal obligation to protect all home owners by verifying that this coverage is present on every home. We apologize for any inconvenience this may cause.
Need more information? Please refer to Article VII. Insurance, Section 8.7 of the Covenants.
Click here to update your current policy information.