Insurance

INSURANCE COVERAGE INFORMATION (aka INSURANCE DISCLOSURE)

Once a year, most mortgage lenders require that borrowers provide them with proof that the association has a master property, casualty, fire, and liability insurance policy in force. The requirement can be satisfied by providing them with this proof of insurance document. Note that Oak Creek's master policy does not cover the following items:

• Personal property and contents, e.g., furniture, clothing, electronics, etc.

• Relocation expenses should you have to live elsewhere while your unit it being rebuilt

Please contact your personal agent to discuss coverage for the items listed above as well as whether the Association's master policy covers upgrades such as granite countertops, hardwood floors, upgraded window coverings, etc (collectively known as betterments) and other risks that might not be addressed by OCOA's master policy. Contact OCOA's insurance agent -- see proof of insurance for their contact info -- if you need a complete copy of the association's master insurance policy.

Finally, note that OCOA does not carry earthquake insurance and you are at risk of a significant earthquake loss assessment should there be a damaging earthquake. Read this newsletter for a better understanding of your risk. Then visit the California Earthquake Authority's website and click on Insurance Policies > Condominium > Condo Coverages & Deductibles for more information about your risks and the various products the CEA offers to cover them.