With the recent rash of wildfires throughout Colorado, now is a good time to ensure your association and owners carry adequate insurance.  If you’re a board member, have you made sure the association’s property policy complies with the association’s governing documents?  Have you checked if the policy covers structures in the community for full insurable replacement cost and contains an inflation guard endorsement?  Have you also reviewed the policy to see if it contains a building ordinance endorsement, debris removal endorsement, and an accounts receivable endorsement?  All these endorsements are highly recommended, and in some cases, required by statute.  If you’re an owner in a community, do you have an HO6 policy and reviewed the policy to ensure there is coverage on all your personal belongings and any portion of your unit not covered by the association’s insurance policy?  What about adding an endorsement to cover deductibles that may be assessed against your unit by the association?  After all, it’s never too late (or early) for an insurance check-up!

Elina B. Gilbert
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