Community
Services
Insurance
The Millers Capitol Insurance Co. via our agent/broker Schoenfeld Insurance Association, Inc. handles the condominium association's master insurance policy which provides comprehensive, all-risk, blanket coverage on a replacement-cost basis. The buildings are insured for accidental, direct, physical loss. You, as a unit owner, are responsible to insure upgrades to the unit and, of course, all personal property.
The buildings, permanent building fixtures, flooring, and appliances that are a part of the building or structure are insured against any event not specifically excluded. Insurable events include fire, lightning, windstorm, hail, explosion, sewer/drain back-up, sudden rapid water escape of overflow from plumbing or appliances, and frozen pipes. Excluded events include but are not limited to normal wear and tear, deterioration, bug or animal damage, war, radiation, water damage from repeated leakage, smog, settling, flood, earthquakes, and landslides. All property damage losses are subject to a $2,500 deductible per incident or event, $1,000 of which is the maximum for an individual homeowner. The association self-insures for any difference. The master policy also provides comprehensive, general liability coverage, including medical payments, coverage for non-association members, and injuries on the premises.
You, as the unit owner, will need an individual insurance policy to cover personal property, furnishings, extra expenses, and liability accidents inside your home. If you upgrade your home (replace carpeting, cabinets, fixtures, or appliances, for example), you will need to cover the upgrade cost. We strongly recommend an H06 policy that provides leaseholder improvement/betterments coverage along with loss assessment coverage to assist you with the deductible amount.
Report all claims as soon as possible to:
Rita Shriver
Metro Property Management, Inc.
7F Gwynns Mill Court
Owings Mills, MD 21117
Tel: 443.796.7400
Fax: 443.796.7188
as well as to your personal property insurance agent. Since the association is the insured on the policy and all insurance payments are made payable to Swan Point Condominium Association, all claims need to be filed through the management company. When you are satisfied with the repairs, submit receipts to the association, and the insurance proceeds will be transferred to you.
The Millers Capitol Insurance Co. Claims Department requires that unit owners maintain records of any upgrades to the basic materials used in the original construction. This information should be given to a new owner at the time of sale. The new unit owner should be sure the upgrades are properly insured under his/her personal condominium policy. As noted above, The Millers Capitol Insurance Co. is solely responsible for the basic/original unit (including upgrades in builder options chosen at the time of original construction). If upgrade information is not available, the Millers Capitol Insurance Co. Claims Department, at the time of loss, will compare units similar to the damaged unit to establish what standard construction material was originally used and will pay only for restore the unit to its original, not its improved, state. We suggest that you err on the side of caution when insuring your condo with an individual personal insurance broker. It's relatively inexpensive to insure "additions and alterations" (upgrades) under a personal condominium/homeowner policy.