Master Policy Insurance / Homeowner Responsibility
Effective June 1, 2009, Maryland law provides that individual condominium unit owners will be responsible for up to $5,000.00 of the Condominium’s master policy insurance deductible if the source of the casualty damage originates from a unit (Maryland Condominium Act, 11-114). You are encouraged to check your homeowner’s insurance policy and contact your individual insurer to make sure you are adequately insured. Additionally, you should be aware that the condominium’s master policy does not cover your personal contents and belongings, any betterments or improvements that have been made to your home, and, as noted, the master policy insurance deductible of up to $5,000.00 for repairs to damaged areas when the source of the damage originates from any part of your unit. Most insurance providers will provide a rider on your policy that will cover that portion of the master policy insurance deductible for which you may be responsible.
You are encouraged to maintain your unit and all mechanical equipment appurtenant to your home in good working order. In this regard, HVAC condensation lines should be cleared on a regular basis, furnace and clothes dryer filter/vents should be regularly cleaned, outside water lines should be turned off and drained before could weather occurs, units should be kept warm enough to prevent freezing of pipes, washer hoses should be replaced before they dry rot burst (rubber hoses are never a good idea), water heaters should be checked and repaired and care should be taken concerning what is put into drainage and sewer systems,. Your cooperation in maintaining your home and being a responsible homeowner will assist everyone in keeping the costs of insurance as low as possible and will contribute to the overall well being, health, safety, and financial stability of the condominium community.
If you are a Unit Owner and your financial institution requires information about our Master Insurance Policy (Certificate of Insurance), please contact the office of our State Farm Representative, Steve Masciarelli, at 410-266-5000. Ask for Liz, and she will be able to assist you. Please note that the Fairwinds Office is not able to provide the required documents!
Many renters mistakenly assume their landlord’s insurance will cover their possessions if they are stolen or destroyed in a fire or other catastrophe. Only a renters insurance policy will provide that protection.