3000 South Braeswood Condos

July 7, 2010 - Association Property Insurance

Jul 07, 2010

All Owners

The 3000 South Braeswood Council of Co-Owners

RE: Association Property Insurance

Dear Homeowner:

Effective July I, 2010, your Association renewed the insurance covering the common areas, including the building, for coverage as specified in your Association documents. This letter is intended to inform you about important information of which you need to be aware.

We conducted an exhaustive search of the insurance market to assure that we could provide your Association with the most competitive and comprehensive coverage available.  As a result, your Association’s 2010 Insurance coverage has improved and your costs have been reduced.

Enclosed with this letter is a list of the most frequently asked questions and answers concerning the insurance program.

While some of the following may be a duplication of items on the enclosed list, we want to ask you to pay particular attention to the following three items:

1. Our insurance requires that we annually notify all unit owners that they are to have working smoke detectors in their units. Whether you reside in your unit or not, you are responsible for making sure you have smoke detectors that are working.

2. Be sure you purchase insurance for yourself to cover items for which the Association is not responsible.  You will need to consult with your own professional agent to be sure you are getting everything you need. At the least, please remember that you are responsible for:

  A. your contents

  B. any improvement or betterments made to your unit beyond original construction quality (example: if the floors were carpeted upon original construction and you now have $100.00 per square foot imported marble, you are responsible for the upgrade).  We suggest that you buy at least $10,000 of this coverage whether you feel you have any “improvements or betterments” needs.

  C. your personal liability

  D. additional living expense costs if you need to move (or have a loss of income) from the property due to damage to your unit

3. Our deductible for “named” windstorm is significant.  In the event of a loss, it is likely that each unit owner will be assessed to cover the deductible. You have the ability to “insure” this assessment by purchasing the “Condominium Loss Assessment Endorsement” as part of your personal insurance that you purchase on your own (noted above). Please consult with your personal insurance agent about your individual needs, and verify with them that you have the proper coverage, which we understand is a Homeowners-Condominium Owner Policy. This policy can include enhancements such as the Loss Assessment Endorsement. We understand this endorsement will cost you $20.00 or less and will cover up to $1,000.00 for assessments due to a deductible (many companies are now offering more than the basic $1,000.00 for deductible assessments).

We certainly hope that we do not have any losses, but in the event that we do, we all need to be as protected as possible. Hopefully, we will not have any significant windstorm issues hit the United States, and in particular, the Gulf Coast area, again this year and we will get some additional price relief next year.

If you have any questions, please do not hesitate to contact our office at (713) 772-4420.

Very truly yours,

CREATIVE MANAGEMENT COMPANY
Agent for The 3000 South Braeswood Council of Co-Owners

Jeff Douglas, PCAM
President