Ocean Shore Condominiums is covered under a masters policy/casualty insurance policy that is purchased by the Board of Directors.  The master insurance policy insures both the exterior building structure and the structure of units - but NOT the finished interior of units.  Also, the master insurance policy does not insure the unit HVAC system nor any upgrades made to the unit by the unit owner that increases the value of the unit.  

 

Therefore, at the time of a covered loss, if a unit suffers damage, the unit owner will be responsible for putting back their improvements and betterments and the interior finish of of the unit - carpet, tile, wallpaper, paint, fixtures, cabinets, appliances, HVAC system, personal property, etc.  The master insurance policy will then take care of the rest of the covered loss to the physical structure of the unit and also the covered damages to the exterior common elements.

 

Regarding the master flood insurance policies that have been purchased by the Board of Directors, the coverage is slightly different from the property casualty master policy in that the flood policies DO COVER the interior part of the unit and common element physical structure.  Your Board has currently purchased the maximum allowable coverage under current FEMA regulations of $250,000 per unit.  

 

 

 

Unit owners are responsible for meeting with a homeowner insurance agent to make sure there is enough coverage on their homeowner's policy to take care of a covered loss.  Any improvements or upgrades to an individual unit should warrant a review of the homeowner's policy - increasing insurance coverage against a catastrophic loss.  

 

As of March 31, 2023, the Board of Directors established minimum insurance requirements for everyone's protection.   Each owner should carry at least $500,000 of liability insurance on their condo and $1,000,000 if an owner has an electric vehicle with a charging station.   Residents are required to verify property insurance coverage on individual units at the anniversary date of their current policies.  Each year, please complete the Insurance Hazard Certification Form and mail to UPA - United Property Associates when you renew your coverage on the contents of your property including the inner walls of your unit - carpet, tile, wallpaper, paint, fixtures, cabinets, appliances, HVAC system, personal property, etc.  

 

Finally, the Board of Directors recommends that you discuss with your homeowner insurance agent concerning "loss of use" coverage - the length of time or what amount your policy would pay if you were not able to use your unit for an extended period of time.  In the event of a catastrophic loss, you could be displaced for up to a year or more to repair/replace everything in the condo.   Please make sure that your insurance would cover this in the event it is needed.  

 

The Ocean Shore Condominium Association website highlights important information for residents' review and convenience pertaining to building compliance, rules and regulations, and required forms and applications. The Association's legal documents and amendments, however, take precedence if there is ever a discrepancy.