The clouds roll in, the sky turns gray and the wind and rain start. You like every other person are thinking, “I think we are in for a storm!” This is the season for it. The thing most people don’t think about until after the storm is, “Does my insurance cover this damage?”   The best time to look at your insurance coverage is before the storm and through the eyes of “what if this did happen?” and “what is the likelihood of it happening?”.   The reason I mention this to you is Colorado Loss Assessment coverages have changed when it comes to property.   Wind Hail Deductibles Every insurance company in Colorado has moved to a % deductible for wind and hail.  The rule of thumb is any property total insured value over $3 Million will have this percentage.   I have been asked if the wind hail deductible is per building. Yes.  If you only have 3 buildings needing replacement roofs, the % deductible applies to the total loss on just those three units.   Lower deductibles are only available if the Total Insurable Value is over $3 Million.   Homeowner’s Association A HOA can purchase a deductible buy down policy. It can be expensive but for a large HOA, it might make sense. I recommend a minimum of $1 Million excess liability coverage for all HOA’s in the form of an umbrella policy.   Loss Assessment Colorado law states The coverage limit must not be less in the aggregate than two months of current assessments plus reserves OR a higher amount if required by an Association’s bylaws.   Worker’s Compensation Worker’s Compensation does not cover volunteers. Pinnacol is the only option for HOA Work comp that is affordable.  The rate is around $500 per year. Covers injury from an uninsured contractor for example. The Property manager should be getting certificates of insurance from every contractor.   Property Management You’ll have to check with the details of you policy to see if the Property Manager and Board of Directors are covered under your Loss Assessment Coverage policy.   Crime and Fidelity Insurance Colorado law states The coverage limit must not be less in the aggregate than two months of current assessments plus reserves OR a higher amount if required by an Association’s bylaws.   Equipment Breakdown Coverage Included to building limits.   What Carriers Do We Offer Coverage Through? Travelers, United States Liability Insurance, Market, Scottsdale, LIberty Mutual, Nationwide and more.   Co-Insurance Penalties Don’t get caught with coinsurance penalties! A buildings replacement cost actually valued at $1,000,000 has an 80% coinsurance clause but is insured for only $750,000. Since its insured value is less than 80% of its replacement value, when it suffers a loss, the insurance payout will be subject to the underreporting penalty.     Let’s make sure you have the right coverage now, before the storm.   Keeping you protected,   Rick   All Access Insurance in Littleton, CO,  who represents multiple insurance companies as a “Broker” and provides products for auto, home,  commercial, workers compensation, and much more!   Call us today for a free quote at (303) 932-1700