Homeowner Insurance

Nationwide, the insurance carrier for the Villas at Riverbend, is exiting the condominium association market. According to the bylaws the Board of the Riverbend Association is mandated to provide insurance coverage for the community, so a new insurance carrier had to be found.

Through the help of Jerry Geswein of the Geswein Insurance Agency, a policy from Arden Condo/Amerisure was voted on and accepted by the Boar and it will become effective on October 1, 2024.

The new policy has a relatively slight increase for the premium but it does have a major change for wind/hail coverage. The frequency and severity of damage caused by storms has made it a challenge for insurance carriers to cover the costs. This is why companies like Nationwide are no longer offering insurance for condo associations. It is also what prompted the fundamental change in wind/hail coverage.

Just as the association has insurance to cover catastrophic loss in the community, each home owner should have insurance to cover any personal property loss they might experience. Jerry Geswein has provided a letter that each home owner can take to their insurance agent to explain what personal coverage is suitable with the new association policy. Many home owners will already have the coverage necessary, if not, adding the coverage as Jerry recommends should be a minor cost increase.

To view and print the letter to take to your insurance agent click here.