Menu
Log in
Forgot password
Log in


One Community - One Keystone



Insurance Deductibles and Umbrella

  • 11 Mar 2025 9:16 AM
    Quote
    Message # 13473368
    Tim Huiting (Administrator)

    Question from Curtis Audin - Frey Gulch

    It's that time for us to renew our insurance for Frey Gulch.  The first question is: 1) how much of a deductible do other HOA's carry.  We have and are standing at $5,000.  We are not forced to increase nor have we had any claims.  2) regarding the Umbrella liability policy. In the past we have been covered by a blanket umbrella from our management company.  Now we have to provide that ourselves.  We have available coverage of $5 million, $15 million and $25 million.  Again, how much coverage are other HOA's carrying?
  • 11 Mar 2025 9:28 AM
    Quote
    Reply # 13473374 on 13473368
    Tim Huiting (Administrator)

    Curtis - at the Sanctuary we have a $25,000 deductible, beginning in 2024.  This is to lower the chances of us having to file a claim which can be a disaster if we are non-renewed for filing a claim, when we only had one insurance option to begin with.  We are considering raising that to a $50,000 deductible next year as we are facing a water leak situation right now where we don't want to file a claim, but we have a huge bill the HOA has to eat.  Regarding Umbrella policy, we carry a $10,000 million dollar umbrella.  We were able to find a different vendor that reduced our premium for that considerably in 2025 compared to 2024.  I'm happy to have a discuss if you want to give me a call.
  • 11 Mar 2025 9:33 AM
    Quote
    Reply # 13473379 on 13473368
    Paula Paul

    Tennis Townhouses also raised our deductible to $25K for the reasons stated by Tim Huiting.  Owners are now responsible for coverage up to that deductible and the policy is that the HOA will cover unless the damage is a result of the owners failure to properly maintain their property such as regular replacement of water heaters and identification and response to any leaks within a reasonable period of time.  We recommend that all owners, unless they live in their unit full time have a local property manager who checks the property periodically.
  • 11 Mar 2025 9:42 AM
    Quote
    Reply # 13473389 on 13473368
    Reid Simmons

    At River Run Townhomes, we are renewing with a $25k deductible.  We have not filed any claims.  We chose to add a $15 million umbrella to replace what was included in the prior policy.  Current ITV averages are $358/foot and we raised ours to $400.
  • 17 Mar 2025 5:19 PM
    Quote
    Reply # 13475801 on 13473368
    Tim Miller

    At Hidden River Lodge, we switched to a $25,000 deductible for 2025 (from $5,000 in 2024) -- we do not want to get dropped for filing smaller $ claims.  We've not filed a claim in several years, and are also covering a water damage claim ourselves to avoid being forced into the secondary market -- which we were advised could cause our insurance rate to go to $250k to $500k a year for three years (this would cause individual unit monthly assessments to increase by ~$700 a month, just for insurance).  We carry $15 million in umbrella coverage.
Powered by Wild Apricot Membership Software