Annual notice Version 1
ANNUAL NOTICE TO UNITOWNERS IN MARYLAND
REGARDING YOUR CONDOMINIUM HOMEOWNERS INSURANCE
This notice contains important information regarding your condominium associations insurance and the Maryland Condominium Act. Mary Law states that:
- Condominium association are required to insure the common elements and invidiual units, except for any improvements and betterments installed in units by unit owners, other than the developer.
- If the cause of any damage to or destruction of any portion of the condominium originates from a unit, the owner of that unit is responsible for the first $ 5,000 of the condominium associatons deductible.
Annual Notice Version 2
ANNUAL NOTICE TO UNITOWNERS IN MARYLAND
REGARDING YOUR CONDOMINIUM HOMEOWNERS INSURANCE
Each unit owner should review their HO-6 policy. The Maryland Condominium Act was amended to state that individual condominium unit owners will be responsible for up to $5,000.00 of the Condominium’s master policy insurance deductible if the source of the casualty damage originates from their unit.
Additionally, each unit owner should be aware that the Condominium’s master policy insurance does not cover the unit owner’s personal contents and belongings, or any betterments or improvements, nor does it cover the master policy insurance deductible of up to $5,000.00 for repairs to damaged areas when the source of the damage originates from any part of their unit.
Each unit owner’s cooperation in maintaining their unit and being a responsible homeowner will assist everyone in keeping the costs of insurance as low as possible and will contribute to the overall well being, health, safety, and financial stability of the Condominium community.