Winter Tips
Since winter seems to lingering a bit this March, we thought it would be a good time to post some helpful winter tips for association owners. Living in an association, with shared walls, makes it particularly important to properly care for your home during the cold winter months. If you plan to be away this winter, remember the following important items: Always leave your heat ON. Set thermostat no lower than 55 degrees Winterize your pipes (sinks, toilets, etc) by turning supply valves off and then draining any trapped water Communicate with Management and your neighbors. Emergency contacts or instructions on how to get into your unit in case of an emergency is helpful General Seasonal Tips: Check and change your furnace filter regularly (rec. monthly). Have your furnace inspected and tuned-up for better efficiency. Install a programmable thermostat to better manage temperature and mitigate heat costs. If you have a built in humidifier unit, make sure the lines are clear and filter is clean. They can be a common source of leaks. Manage your humidify levels. High humidity inside of the unit meeting the cold/dry exterior walls can be hard on windows and even lead to ice dam formation. Check weather seal/strip on all doors and windows If you have original (wood) windows, consider covering them with plastic. Consider adding insulation to bring up your R-value. Remember to winterize outside faucets! Turn off supply valve and open spigot to allow remaining water to drain out. If you’d like Sharper Maintenance to help you with any of these items – or if you’d like Sharper to check on your home while you are away, please contact us. We have technicians available!
Loss Assessment Coverage
There’s no doubt that understanding insurance coverage in an Association can be confusing. One important distinction in your personal homeowner policy (commonly called an HO6 policy) is Loss Assessment coverage. Depending on the carrier, this coverage may be different from your real property coverage. Real property coverage should cover your personal contents, coverage of building construction items like flooring and walls that may not be insured by the master association policy (which can vary greatly by Association) and, at a bare minimum, coverage of all of those covered components up to the Association’s master policy deductible. Loss Assessment Coverage can be different. Loss Assessment coverage will cover you should the Association assess a deductible or damages back to you. For example, if your sink caused a backup and it flooded the floor below you, the Association may assess the master policy’s deductible back to you if it was a covered loss under the Association’s policy. Another scenario is if there is a hailstorm that damages the roof of your building. The master insurance policy may cover it; however, the Association can make up the deductible by assessing it back to you and/or the other units affected. Finally, Loss Assessment coverage provides protection should there be a loss that exceeds the Association’s coverage amounts – or for items that may not be included in the overall coverage scope. One again, the Association could assess the overage or uncovered items back to you as a homeowner. You should talk to your personal insurance agent to ensure you have Loss Assessment coverage as part of your policy. At a minimum, it should be equal to the Association’s master policy deductible. You should also check your Association’s Governing Documents, as many Associations require homeowners to carry Loss Assessment coverage.