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Condominium Insurance Change (Posted 10-7-10)

posted Jul 6, 2011, 1:11 PM by Judy Hoops
The master policy for the Winterhaven Condominiums has been changed, effective Oct 1, 2010, to a different agency with revised coverages and rates as follows:
Property CoverageCurrentLast YearDifference




Building$4,279,000 $2,779,000$1,500,000
Contents $565,000$375,000 $190,000
Umbrella$1,000,000 $1,000,000 $0
D&O
$1,000,000
$1,000,000$0
Deducible$5,000$5,000$0




Premium Total$11,777$15,946-$4,169

Other Revisions in New Policy:
(1) Condos are now insured at 100% (previous policy was 80%)
(2) Insurer is licensed in state of WV (previous was with a surplus line insurer not licensed in WV)
(3) Contents coverage is replacement cost value (previous was actual cash value)

New Agency:
    Mountaineer Insurance Agency
    P.O. Box 242
    Valley Bend, WV 26293

Please understand that the Condominium policy will only provide liability coverage for the common areas. The Board of Director's is highly recommending that every unit owner purchase a separate liability policy to provide you with coverage in the event someone is injured in your condo. This is particularly important if you are renting your condo.

If you have any questions about the condo master policy or would like to find out more about an individual policy, please contact the Managing Agent, Judy Hoops, at judy@condosatwinterplace.com or (540) 599-7669.
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