The Purpose of the Nyland Insurance Pages
The Nyland Insurance pages were put together by Nylanders sharing what has been learned over time in working with the insurance industry and through events like the recent fire in Superior and Louisville. Much information has been gathered and policies and structures put together to support obtaining the best insurance possible. In securing insurance the Nyland Community Association (NCA) led by the Board of Directors (the board) has responsibilities and so do the homeowners. There are some tasks that homeowners must do for the Master policy and for their personal policy (both policies explained below). Much of what is on the website will support your efforts in navigating and negotiating your own homeowners policy. All of us doing our part can insure Nyland into the future.
Your insurance needs as a Nyland homeowner are different from what your needs would be as a single-family homeowner. At Nyland the responsibility for insurance is split between the NCA and the homeowner. You can be at least as well insured as, if not better insured than, our single-family neighbors. However, you must understand yours and the NCA’s responsibilities arein order to make sure that you are fully covered. These insurance pages were writtento help you understand that difference.However, these explainers are no substitute for having your insurance agent fully review the CC&Rs and the NCA’s insurance coverage and for you workingclosely with them to make sure that they fit together.
There are two parts of insurance coverage for our homes at Nyland: a “master policy” and a homeowner's policy.
The NCA carries what is called blanket commercial insurance coverage—a “master policy”—to cover liability risk, crime risk, all of community property, and part of the damage risk for the houses.
The homeowner carries what is often called HO-6 coverage (also called condo insurance) to cover their individual liability risk, crime risk, personal property, and any otherdamage risk for the houses.
The NCA’s master policy provides financial resources to rebuild damaged property to what is called “bare walls.” Bare walls means that if your house had to be rebuilt, the NCA’s master policyonly provides funds to finish and paint all of your house’s outside, including doors and windows, and to construct the inside to the point that the sheet rock is hung on the walls, including plumbing and electrical rough in and heating & air conditioning. The cost per square foot to do this is relatively the same for all of the houses. The homeowner is responsible for finishing the rest of the house.
The NCA's master policy covers the complete rebuild of community buildings, including all of the finish work.
The combination of the NCA's master policy and your personal policy should fit together so that your home and the rest of the community can be fully rebuilt should a loss occur.
Homeowners have responsibilities related to the master policy in addition to their responsibilities to acquire appropriate personal insurance coverage. Further information on these responsibilities is in the Master Policy and Homeowner's Policy pages of this website. Also, for current information on our policy and agent, go to the Updates page of the Nyland Insurance section of the website.