Homeowners Insurance – Master Policy Coverage

HOMEOWNERS INSURANCE In March, 2008 an Owner’s Insurance Resolution was adopted.  This resolution authorizes the Board of Directors to require individual owners to obtain their own insurance policies.  This resolution also authorizes the Board to assess the Association’s Master Policy insurance deductible (currently $10,000) to the owner(s) who caused damage or units from which the damage or cause of loss originated.  For this reason, it is in the owner’s best interest to have a Homeowner’s Policy that covers, but is not limited to:

  •  Your personal contents and/or household goods
  • Improvements made to your unit by you or a former owner
  • The cost to live elsewhere while your unit is being repaired
  • Loss Assessment
  • Personal Liability


 The master condominium policy insures:

  • Only the interest of the Association
  • Covers the buildings and items as originally conveyed by the developer
  • Built-in appliances and cabinets
  • Walls that make up the interior of the dwelling
  • Electrical and plumbing fixtures
  • Ceiling and flooring

All of the above items are covered as originally built.

Subject to the Association deductible the building is covered for perils like fire, lightning, windstorm, vehicle damage, water overflow, smoke damage, etc.  Water overflow claims are covered for damage to the building but not your personal property.

A Homeowners Policy insures:

  • Your personal contents or household goods
  • Your improvements to the dwelling made by you or a former owner
  • The cost to live elsewhere while your unit is being repaired
  • Loss Assessment
  • Personal Liability

An individual homeowner’s policy is necessary to fully protect you and your unit.  You cannot rely on just the master policy.  If you have fire or hurricane damage, the master policy will take care of items as originally built.  Your homeowner’s policy will take care of your household goods and cover the expense for you to live elsewhere while we rebuild your unit.  Call your agent today and discuss your insurance needs.

If you have a claim please report all matters to the property manager and/or general manager.  An incident report will be made and forwarded to the insurance company.

If you receive a letter from your mortgage company please fax the letter directly to Insurance Associates at (808) 792-5371 so that they can send the needed information to your mortgage company.

If you were to rent your unit to others, you still need to insure any improvements to your unit, the contents, if furnished, your rental income and your personal liability.  You should also advise your tenants that they may need to insure against damage to their possessions as neither your policy nor the Association’s policy will provide coverage.