Townhome Insurance Requirements
Posted on 02/07/20
Text from communication with townhome owners:
Relevant Management, LLC
1000 Heritage Center Circle
Round Rock, TX 78664
512.580.4212
URGENT: New Insurance Requirements for Townhomes
All -
The Association requests that all townhome owners:
- review the attached townhome insurance requirements resolution
- consult with your insurance professional and update your homeowner's policy as needed
- submit proof of insurance (certificate of insurance or COI) to Relevant Management no later than March 7, 2020.
Failure to provide proof of insurance by the defined deadline could result in the Association purchasing a Homeowner’s policy for your property on your behalf and applying the cost to your account.
Why Were Minimum Requirements Defined:
In a recent review of insurance information collected in 2019 from townhome owners, an insurance professional determined that most of the townhomes are not properly insured, per the
Townhome Service Area Sub-Declaration documents.
As part of this review, the Board consulted with the insurance professional to determine and define insurance requirements to ensure adequate protection for all townhome owners.
The insurance requirements document has been reviewed by legal counsel and recorded with Williamson County as a
legal resolution for Turtle Creek Village Owners Association, Inc. You can access the recorded resolution by clicking the links provided.
Summary of Requirements:
- A townhome unit is not a condominium, therefore a condominium policy is insufficient.
- The Association provides no insurance coverage for townhome lots/properties, other than community liability for common areas like the parks, pool, and playscape.
- The townhome owner is responsible for 100% replacement cost of the unit, detached garage, and any other improvements on your lot. Because the townhome is an attached unit, insurance limits valued at the mortgage amount is insufficient.
- Townhome owners must supply proof of insurance to the Association within 10 days of request (per the sub-declaration). Because we expect most townhomes to require policy changes, we’ve extended the deadline for this request to 30 days.
- Each townhome must be insured with a minimum replacement cost valued at no less than $140 per sq. ft.
All townhome owners should provide this insurance requirements document to and consult with their insurance professional to ensure their policy is updated and meets the minimum requirements.
Thank you.
CERTIFIED LETTER NOTE: Two emails have gone to townhome owners for this project. Certified letters have also been sent, simply for those who might not use email. It also gives us legal proof that the information was sent. If you have submitted your updated information, the letter is just a formality.
Comment By: Rita Mitchell
Posted on Feb 7, 2020
Is this property a condo or a townhome? Please be specific. Thank you.
711 Rolling OK Dr unit 109
ROUND ROCK 78664
Comment By: Web Admin
Posted on Feb 10, 2020
Any unit starting with 1701 Logan or 711 Rolling Oak is a condominium. The townhomes are on Tumlinson Fort and Lookout Tree. The townhomes all have unique addresses because they are individual, single-family lots. Condos are units that share a single lot and address.
Last Edited: 02/10/2020 at 01:44 PM
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