Here is the info Cardinal provides to all new owners in Montreux, on our behalf. It includes the Montreux community rules and guidelines set in place to benefit all of us.
Brown & Brown 7 REASONS TO PURCHASE A H0-6 POLICY Liability Protection - Personal Liability coverage does not just apply to the unit but follows you in all your activities. Whether playing golf or at the grocery store, should you be liable for someone's injury, your condominium unit owner's policy could respond. Also, in the event you are sued, whether or not you are liable, the insurance company typically extends coverage for defense costs including hiring an attorney. Your policy may also extend coverage in the event you are found negligent for another unit owner's damage. For example, if you forgot to turn off the water to the sink or tub and it over-flowed. Medical Payments- A unit owner policy also includes medical payments coverage which can be used to pay the medical bills of a guest visiting you who happens to fall in your unit or is inured in some way. Most companies offer up to $5,000 for medical payments coverage. Medical Payments is a "good faith" coverage as it pays even if the unit owner is not at fault for the injury. An injured party may be less likely to take legal action if their medical bills are handled up front. Water Losses- Water losses are the most common type of losses for unit owners. A unit owner who has a water leak through no fault of their own, such as a pipe leak in the wall or a sudden unexpected leak from an appliance which causes damages to a unit below, is not liable for the damages to the other unit owner. Each unit owner handles their own damage. If the unit owner does not have any insurance, they will be out of pocket for their damages. Hurricane Losses- Although the association policy covers the building and the drywall inside of your unit, all other damages to your unit would be the unit owner's responsibility. Some unit owners mistakenly believe if they have shutters or impact windows/doors that they are protected so they do not need to worry about hurricane damage. Although you may not have damage from wind driven rain since your openings are protected, should the roof be severely damaged, water can intrude to all of the lower floors. You do not need to be on the top floor to experience damage. Loss Assessment I ncreased Limits- In the event an association assesses its residents. unit owners may be faced with thousands of dollars in out-of-pocket costs. After Hurricane Irma some condominium residents were receiving assessments from $2,000- $10,000 or more in Naples. Most companies wi ll increase coverage limits for only a few dollars which could save thousands in out-of-pocket cost. Special Coverage A & C- This coverage is an endorsement that may be added on to broaden the perils covered for your dwelling and contents. This typically would expand coverage to include damage such as wind driven ruin or seepage which is not covered on a standard condominium policy. Loss of Use- If a claim occurs, you may be temporarily displaced while repairs are being made. Coverage on your unit owner's policy will provide additional funds for you or your family to live comfortably elsewhere in the midst of tragedy.