WVHA_Insurance Declaration_2019-02-20
Declaration page for Westwood’s various insurance policies
WVHA_ACORD-Property_2024-01-04
ACORD format of property insurance evidence
WVHA_ACORD-Liability_2024-03-19
ACORD format of liability insurance evidence
WVHA_Insurance Property Coverage_2018-01-10
List of property addresses covered by the policies
WVHA_Insurance Agent Contact Information_2019-02-20
Contact information for our insurance broker
The Association carries liability and property insurance that covers the Common Area, including the buildings that host our condos. The policy premiums are included in the operations budget and paid by owners through monthly dues.
The Association requires that owners carry at least $300,000 liability coverage for their Units and provide proof of insurance on an annual basis. Owners that rent their units must provide proof that their policy specifically covers rentals.
The liability coverage protects an owner if, for example, a water line in their unit breaks and damages a neighbor’s unit. It should also provide protection for medical bills if a guest trips and falls.
This requirement and our diligence in providing proof has significantly lowered the cost of insuring Westwood.
The simplest way to meet the annual proof of insurance requirement is to have the Association added to your policy’s proof of insurance distribution, typically used to inform lien holders that insurance is in place. Otherwise, send a copy or image of the insurance coversheet to our accountant each time it is renewed.
The Association also encourages owners to carry property insurance for their unit. Consider what would happen if a building was damaged by fire. The Association’s policy would take care of repairs to the building, but doesn’t provide coverage for anything in the condominium unit itself. The owner’s policy should provide for replacement or repairs to the internal walls, wiring, lights, windows, wall and window coverings, trim, appliances, furniture, fixtures like sinks and toilets, as well as kitchen cabinets, bathroom vanities, etc.