Homeowners Insurance Rules

Requirements for Co-Owners

All Riverfront co-owners must meet specific condominium insurance requirements, including:

- Maintain an active HO-6 condominium insurance policy.

- Keep a current copy of the homeowners insurance policy on file with the RFC Management Office.

- Submit each policy renewal before the current policy expires. We recommend asking your insurance company to send renewals directly to Management.

- List Riverfront Condominium Association as an Additional Insured.

- Maintain sufficient coverage for the interior of the unit, personal property, upgrades, personal liability, loss assessments, and temporary living expenses.

Renters Insurance

Although renters insurance is not required by RFC, all renters are strongly encouraged to maintain an HO-4 renters insurance policy. The insurance bylaws emphasize that the Association’s master policy and the unit owner’s policy do not cover a renter’s personal belongings, personal liability, or temporary living expenses.

If Your Unit Causes Damage

If you, your unit, tenant, occupant, guest, contractor, or invitee causes damage to the Common Elements, you may be responsible for:

- The cost of repairing the damage

- The applicable Association insurance deductible

- Legal and collection expenses, when applicable

If a co-owner refuses to reimburse RFC for costs for which they are responsible, the Association may pursue legal action to recover those costs.

Association Insurance Deductibles

RFC’s current master property policy includes the following deductibles:

- Water damage: $100,000

- Wind and hail: $100,000

- Flood: $100,000

- Earthquake: $100,000

- Other covered losses: $10,000

Co-owners should ask their insurance agent whether their HO-6 policy provides enough coverage for their potential responsibility toward these deductibles.

What Happens When a Unit Is Damaged?

Damage within your unit:

Your HO-6 policy is the primary coverage for your unit’s interior, personal property, fixtures, renovations, upgrades, and betterments.

Damage to Common Elements caused by your unit:

You may be responsible for the repair costs and the applicable Association deductible.

Damage to your unit originating from another unit:

Notify RFC Management and your own insurance carrier immediately. Your HO-6 policy will generally be the primary policy for damage to your unit and personal property.

Major or Total Losses

For a covered major or total loss, the Association’s master policy may cover the replacement of insured condominium property, subject to the policy’s deductible, coverage terms, limits, exclusions, and the insurance carrier’s claim determination.

The Association’s policy should not be relied upon to replace:

- Renovations or upgrades

- Betterments

- Personal belongings

- Finishes exceeding the unit’s original standard specifications

Each co-owner is responsible for maintaining adequate HO-6 coverage for these items.

Questions or policy renewals may be directed to your insurance agent.