1. Sea Colony has secured a single “master” insurance policy (MIP) which covers all Condominium Association (“Phase”) buildings and the Sea Colony Recreational Association, Inc. (SCRA) buildings and amenities (pools, Promenade, playgrounds, fitness and tennis centers, etc.).Flood coverage for buildings is also provided under the MIP unless your building is in a special hazard flood zone, in which case a National Flood Insurance Program (NFIP) policy has been purchased. The premium cost of the MIP is shared among all of the insured entities (the 30 Phases and SCRA). Currently, the property deductible is $50,000 per occurrence for all covered losses except “Named Storms” (hurricanes), for which the deductible is $1 million. Since absorbing a large deductible within a single Phase could be difficult, SCRA has established a deductible fund, the escrowed funds for which are derived from the owners of Sea Colony’s 2202 condominium units paid by the Phases along with their allocated insurance premium, which is, therefore, included in your assessments. This plan effectively limits the deductible exposure for any single Sea Colony unit owner in the event of a large property claim. Sea Colony also purchases various other policies (Crime, Directors and Officers liability) which also are paid for proportionally by the Phases or SCRA, and are, therefore, also included in your assessment.
If you have questions, consult your governing documents and Phase insurance agreements, contact your Property Manager or send an email to Insurance@SeaColony.com.
2. Flood Insurance
As previously noted, flood insurance policies are purchased on all Sea Colony buildings, as required, and the cost thereof is included in the condo fees paid by the owners of condos in the affected building(s). Please note these policies cover only the building, not the contents of individual condos, coverage for which can be purchased by owners as needed or desired. Owners may receive requests from their mortgage holders to provide proof of flood insurance for their building. Email all such requests to Sea Colony’s insurance broker, Alliant Insurance Services, at SeaColony@Alliant.com.
Alliant’s customer service team will then send proof of flood insurance to the lender, and if requested, to the owner, too.
3. ALL Sea Colony unit owners are required by their Phase Code of Regulations to purchase an individual property and liability policy (which usually comes in the form of an HO-6 Condominium policy), the minimum limits of which may vary depending upon your Phase. In most cases, owners are responsible for everything “inside the box” of the walls of their condo (from the inside surface of the drywall) - paint, wallpaper, appliances, mechanicals, doors, floor coverings, kitchen cabinets (Except West Phase XIX), wall tile, plumbing fixtures, furniture, personal property, etc. Your individual Phase Code of Regulations documents (Amendment Change - Article VI, Sections 2 and 3) defines what is covered and by whom, important information to provide to your insurance agent in placing the correct amount of coverage.