Insurance

INSURANCE COVERAGE INFORMATION

Once a year, most mortgage lenders require that borrowers provide them with proof that the association has a master property, casualty, fire, and liability insurance policy in force. The requirement can usually be satisfied by providing them with this proof of insurance document. Note that the master insurance policy does not cover the following items:

• Personal property and contents, e.g., furniture, clothing, electronics, etc.

• Relocation expenses should you have to live elsewhere while your unit it being rebuilt

Please contact  your personal agent to discuss coverage for the items listed above as well as upgrades such as granite countertops, hardwood floors, upgraded window coverings, etc. (collectively known as betterments*) and other risks that may not be addressed by MPHOA's master policy. Contact MPHOA's insurance agent -- see proof of insurance for their contact info -- if you need a complete copy of the association's master insurance policy. 

* betterments are not covered in the policy that is in effect through September 19, 2025

Finally, note that although Miramar Plaza does carry earthquake insurance (through September 19, 2025) you could still be at risk of a significant earthquake loss assessment should there be a damaging earthquake. Read this newsletter to understand why, then visit the California Earthquake Authority's (CEA) website and click on Insurance Policies > Condominium > Condo Coverages & Deductibles for more information about your risks and the various products the CEA offers to cover them.