Guy Riska, of Global Risk Partners, lead a very interesting session to inform FSH owners about the insurance coverage for Fort Sumter House. He has also provided information on HO6 policies that owners must purchase to insure their unit(s). Below is a summary of our meeting, along with some attachments Guy sent that may be helpful in the purchase of an individual HO6 policy.
Summary From Guy Riska:
We recently met and had a presentation/discussion on how to complement our Homeowner (unit owner HO6) insurance coverage with the Master Policy insurance coverage. As you know, FSHA recently amended the Master Deed and By-Laws to further define the insurance responsibilities of the Association and the unit owner. Unlike any other insurance, Condo Insurance is not defined in the Master Insurance Policy, it is defined in the Master Deed and Amendments as to who is responsible for what. Just so you know the Association is insuring the entire structure of the Building Common Elements, excepting the interior unfinished walls, floors and ceilings of individual units. That means the unit owner is responsible for insuring the entire upfit of their unit including all wall, ceiling & floor finishes, cabinetry, fixtures, appliances and personal belongings. Basically everything within the box that makes up a unit. Attached are some documents to help everyone understand what they should purchase in the way of HO6 coverage. Many HO6 companies do not provide Earthquake coverage but we also provide a sample HO6 proposal from UPC (United Property & Casualty) that is a licensed and Admitted carrier in the State of SC that offers all coverages including Earthquake, very competitively. Any further questions can be directed to Global Risk Partners at 843-416-1111.
2015 Insure Sample – Sample of an HO6 policy that includes earthquake coverage
2015 Insure Info – The Condo Insurance Every Unit Owner Needs