Our Declaration of Covenants, Conditions and Restrictions requires that we have current and accurate copies of each owners insurance policy, as stated below (in part):
5.2 Individual Insurance. By virtue of taking title to a Lot, each Owner acknowledges that the Association has no obligation to provide any insurance for any portion of any Lot, and each Owner covenants and agrees with all other Owners and with the Association that each Owner shall carry property insurance on his Lot and all structures constructed thereon and a liability policy covering damage or injury occurring on the Lot. The property insurance shall cover loss or damage by fire and other hazards commonly insured under an “all-risk” policy, if reasonably available, including vandalism and malicious mischief, and shall be in an amount sufficient to cover the full replacement cost of any repair or reconstruction in the event of damage or destruction from any such hazard.
The Association shall have the right, but not the obligation, at the expense of the Owner, to acquire the insurance required to be maintained by the Owner if the Owner fails to provide a valid policy to the Association with a prepaid receipt within ten (10) days after receipt by the Owner of a written request from the Association. If the Association does acquire insurance on behalf of any Owner, the cost thereof shall be assessed against the Owner and the Lot as a specific assessment pursuant to Section 6.5.
We will be sending out another Owner Information request next month (one was sent last year with minimal responses). I hope that this time, everyone responds within the 10 days mentioned above. Any owner who does not provide proof of insurance will be subject to the Association acquiring insurance on your behalf and at your expense.
Please provide the Office with proof of homeowners insurance so we do not have to resort to the alternative.
