What insurance should I have on my unit?  The insurance obtained by the Association on the Buildings shall not cover the Unit, or the personal property of the Owners, or liability for incidents occurring within the Unit or the Lot through the Owners negligent personal actions…

All owners should carry an H06 insurance policy with loss assessment coverage.

Loss Assessment Coverage is an added Endorsement that is available on most Interior HO6 policies through your current carrier.  Insurance companies have different limit options that can range from $1,000 to $50,000 in coverage.

Loss Assessment coverage usually applies when homeowners are all assessed a Special Assessment due to an insurance related claim (like wind or hail).  Contact your current Interior HO6 insurance agent to make sure you have this endorsement, review your coverage and limits and make any necessary changes that you are comfortable purchasing (we recommend purchasing at least $10,000 in loss assessment coverage).  The cost is usually $5 - $50 per year (NOT per month).

Once you receive a Special Assessment from your Management Company, you will want to contact your HO6 insurance carrier to open a claim under your Loss Assessment coverage of your policy.  An adjuster from your insurance carrier will contact you and most likely ask for a copy of the Special Assessment letter that you received from your management company. 

Owners are required to carry insurance on their Units and personal property on their units for their benefit and at their expense.  Owners are advised to obtain insurance to cover their own personal actions.  Owner’s belongings, unit interior and owner are not covered by Kensington’s insurance, Kensington requires owners to secure adequate homeowner’s property and liability insurance to insure and protect owner against risk of losses from any cause.

If an owner or guest commits an act or fails to maintain any portion of Owner’s Unit that causes a loss that is covered by the Association’s insurance, Owner is responsible for the deductible and may still be responsible for underlying repairs.

If proceeds of insurance are not sufficient to defray the costs of reconstruction and repair due to deductibles allocated to the Association … the deductible or additional cost shall be a Common Expense of Kensington…