Insurance
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Article VIII Section 8.02.
Each owner shall procure and maintain in full force at all times insurance covering his townhome unit consisting of, or providing all the protection afforded by, the insurance now generally described as a Homeowners policy…
Proof of insurance must be submitted to the association yearly…
See full wording here
Article VIII Section 8.03. Upon failure of any Owner to procure and maintain the insurance required in Section 8.02 hereof or, in the event the Board, in its discretion, determines that the Townhome Unit is underinsured, the Board shall have the authority to procure such insurance and/or additional insurance, as the case may be, and the costs thereof shall become a lien upon the Assessment Parcels in the same manner as provided in Article VII hereof for nonpayment of maintenance assessments. See full wording here DEFINITION OF AN HO-3 – Designates a “special form” homeowners insurance policy that provides insurance coverage for the structure of your home on an “open-peril” basis. “Open-peril” means that you are covered against all losses except those that are expressly excluded on your policy. It’s important to note that your personal property is still covered on a “named-peril” basis with an HO-3 policy. This is the most common type of homeowner policy. REFER TO THIS HOMEOWNER CHECKLIST REGARDING YOUR INSURANCE
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