Hamlet Condominium Association

Does the HCA Insurance Policy Cover My Finished Basement?

Dec 09, 2001

The HCA?’s insurance policy provides full replacement coverage for all building units, including permanently installed fixtures, machinery, and equipment. That includes floor covering and appliances used for refrigerating, ventilating, cooking, dishwashing, or laundering. If any substantial material changes are made to a unit (upgrades or other changes from the original completed unit), the individual unit owner can purchase what is often referred to as Condominium Owner?’s Improvements and Betterments coverage for the upgrades.

This means that if a basement was finished by KEM homes before the first owner purchased the condominium unit, the HCA insurance policy includes the basement as part of the unit coverage described above. If your basement was finished after the original purchase from the builder, you must carry your own insurance. Your personal condominium owner?’s insurance should also include coverage on your furnishings and other items of personal property, as well as public liability insurance coverage.

If you have questions concerning HCA insurance coverage, contact Ken Borrett or Jack Borrett at Borrett-Leavitt Insurance Agency, Inc., 1501 S. Lemay, Suite 201, Ft. Collins, CO 80524, (970) 484-0097.