Nationwide, the insurance carrier for the Villas at Riverbend, is exiting the condominium association market. According to the bylaws the Board of the Riverbend Association is mandated to provide insurance coverage for the community, so a new insurance carrier had to be found.
Through the help of Jerry Geswein of the Geswein Insurance Agency, a policy from Arden Condo/Amerisure was voted on and accepted by the Boar and it will become effective on October 1, 2024.
The new policy has a relatively slight increase for the premium but it does have a major change for wind/hail coverage. The frequency and severity of damage caused by storms has made it a challenge for insurance carriers to cover the costs. This is why companies like Nationwide are no longer offering insurance for condo associations. It is also what prompted the fundamental change in wind/hail coverage.
Just as the association has insurance to cover catastrophic loss in the community, each home owner should have insurance to cover any personal property loss they might experience. Jerry Geswein has provided a letter that each home owner can take to their insurance agent to explain what personal coverage is suitable with the new association policy. Many home owners will already have the coverage necessary, if not, adding the coverage as Jerry recommends should be a minor cost increase.
The Villas at Riverbend association insurance certificate has been updated with the policy number. If you need a copy with your name you should call the Geswein Insurance Agency at 614-389-2360.
Click here to view and print.
The insurance certificate has been added to the Documents Page.
Click here to view and print.
Thank you for this Dave. After the meeting last night I did have a question or two and reached out to Patterson Merkle.
According to them, our governing documents, which are referred to here, as well as our by-laws, etc. will be posted on our website. Could you please confirm when this will be? We lost access to these when we changed from Associa.
Also, you be posting our new Certificate of Insurance once received? It would be helpful, and most convenient to be able to access that here.
Thank you!
If you don't have a printer, copies of the letter to take to your insurance agent are on the desk at the clubhouse.