From the Reston Place Board of Directors
Dated November 13, 2015
As many of you are aware, the Association is in the middle of resolving a large insurance claim involving hail damage to roofing within Reston Place. The claim and the Association’s insurance renewal have overlapped resulting in other insurance companies not being interested in writing the insurance on Reston Place Homeowners Association until the claim is resolved.
The Association’s current insurance carrier, Philadelphia Insurance Company, has renewed the policy but they have made changes to the deductible structure. The Association’s current deductible is $5,000 per occurrence which makes the current claim in the range of $600,000 to $700,000 with only one $5,000 deductible involved. The renewal term of the policy states the deductible is $5,000 per home for wind and hail. So, if we were to try to resolve the claim under the new deductible structure, each homeowner would be responsible for the first $5,000 of roofing for their home.
This memo from the Association’s insurance agent David Fitts explains how you can protect yourself against this $5,000 per home deductible with loss assessment coverage added to your personal HO6 policy. It is imperative that you review this memo with your personal insurance agent and make sure you have this coverage in place.
The Board has instructed Mr. Fitts to continue to work on quotes from other companies and if we are able to secure a new policy with a better deductible structure at a reasonable price, we will cancel the current policy and make those changes. Unfortunately, until the claim is resolved and everyone knows the exact amount of the claim, it will be difficult. Other companies are hesitant to write the insurance on Reston Place until this matter is resolved.
Please know that the Board of Directors along with the insurance agent are doing everything to procure the best possible insurance coverage on your home.
If you have any questions, you can call Warner Johnson at Duckworth-Morris or David Fitts at the Fitts Agency. We understand that this is confusing, so please call if you have any questions.
Warner Johnson – (205) 345-1810
David Fitts – (205) 342-3500
This notice is related to this meeting of the Board.