The HOA buys insurance every year in accordance with Article VIII, Section 3 of the Covenants. The insurance policy described in Sections 1 and 2 is no longer available on the market. As required in Section 3, proper notice of this was given to all HOA members via letter in November 2015.
As a result, the HOA policy provides “Studs-Out” coverage which will covers rebuilding the structure of the unit. However the finish elements of each unit, such as sheet rock, painting, flooring… etc (sometimes referred to as “Studs-In” elements) are not covered. Our policy also does not cover all doors and windows.
If your mortgage company needs to know what type of insurance policy that the HOA provides, please give your mortgage company the phone number for our insurance agent, Assured Partners of Missouri (formerly Billups & Snyder) which is (816) 229-4100 and they will provide your mortgage company with a Certificate of Insurance. If you have questions about this process, please feel free to call Assured Partners as they can provide the best information.
Every homeowner should carry an “HO6” policy on their individual unit. This type of policy should cover the “Studs-In” elements described above as well as the value of the contents in your unit. Those details need to be worked out with your own insurance agent.
If you are a Landlord and renting the unit out then you should have a “Dwelling Fire” insurance policy to cover your unit from the “Studs-In” and including “Loss of Rents” for the landlord.
If you feel the HOA insurance policy should cover some item or damage you are facing, please contact the message center at (816) 229-1222 to check. If there is a legitimate claim that is covered by the HOA insurance policy, you must contact the HOA Board to place the claim on your behalf. The HOA board is a group of elected officers to represent all the homeowners. Individual HOA members (aka Home Owners) may not contact our insurance agency to make a claim on the policy. Our HOA policy does not cover drainage leaks, sewer line breaks, waterline breaks or water damage in the interior of units.
Below is a letter from our attorney and insurance agent to further explain our policy.