Homeowners Insurance increase?

[Shichao Ou]

Hi, all.

I have recently received a mail from my mortgage company saying that my "homeowners insurance coverage is lower than required" and I would need to send some verification that my property is adequately insured. 

Do I need to get my house reappraised?  I recall that at some point the community was discussing reappraisal for some other purpose, did we do something at that time? It's been a while and things are getting hazy. 

Has anyone been through this process? Any suggestions would much appreciated.

Thanks

Chao

[Terence Lewis]

Hi Chao,

Hartland Square Condominium Association has insurance that covers walls in, basically the entire townhouse structure, which you pay as part of the homeowners association fee. What the Hartland Square Condominium Association insurance policy covers is listed on the attached 2017 Evidence of Property Insurance form. 

You are responsible for taking out Condominium/Townhouse insurance to cover for any upgrades that the builder did not provide (finished basement, appliances, your personal belongings, jewelry, computer…  I am puzzled by what your mortgage company is talking about. I am speculating that you did not provide them a copy of the Evidence of Property Insurance from Hartland Square Condominium Association and may be paying for insurance that you do not need. You should provide the attached document to your mortgage company. Your mortgage company just wants to ensure that they are covered in the event of a fire, natural disaster… Your mortgage company needs the certificate below and that should suffice. Don’t forget to cover your personal belongings in a separate Condominium/Townhouse insurance policy. You can go to https://www.eoidirect.com and register and get the same certificate listed below.

You should call Claire Ramirez at 908-874-6991 x116 or send her an e-mail at cram...@homesteadmgmt.org, Hartland Square Condominium Association when you get a chance to verify the information I am providing you. 

I hope this is clear. If you have want to talk to me please feel free to call. 

Terence Lewis

609-610-3437

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