It’s important to note, our policy is not intended to cover most common losses (like losses due to water damage from plumbing fixture failures). The Ridgeview Master Policy carries a high deductible and is only in place to provide walls out coverage for catastrophic losses. Owners should provide their own policy to cover deductibles, loss of use, replacement of all interior components in the event of casualty loss (including flooring, cabinets, electrical fixtures, appliances, etc.), coverage for water damage, and all insurable contents. Details of the coverage you should have in place with your insurer is recapped below:
Our policy is a “walls out” coverage policy. Please take this opportunity to review your coverage with your agent and assure that your HO policy includes
“walls in” replacement as well as contents coverage. Your insurance would be responsible for finishing walls, floors, all lighting and plumbing fixtures as
well as replacing all appliances and cabinets. You should also plan for coverage for the cost of being displaced from your home should a catastrophic event occur.
Additionally, we further recommend that you speak with your agent about LOSS ASSESSMENT RISK. This coverage should be adequate for the $10,000.00 deductible that exists on the HOA policy, as the first $10,000 of any claim would not be covered by either Ridgeview or Ridgeview’s insurance.
You may want to increase your LOSS ASSESSMENT COVERAGE for liability purposes as well. In the event that Ridgeview was named in a lawsuit and was liable for an award that exceeds the $1 million coverage provided by our policy, you can add loss assessment coverage to your policy to cover any assessment by the HOA that would be necessary to pay the costs to you that the Association would be obligated to assess. Adding $50,000 to cover such assessments has been quoted as little as $19 per year. It’s a small price to pay to potentially save your home or savings against a major liability judgment.