Insurance Information

If you are buying a Jim Chapman Communities condominium, the homeowner purchases an insurance policy from their insurance carrier which is commonly referred to as an HO6 policy. This type of policy should provide contents coverage (furniture, area rugs, paintings, etc. and any personal effects – stereo, TV, jewelry, etc.) as well as upgrades and alterations coverage for an individual unit. Upgrades and alterations include upgraded light fixtures, upgraded appliances and any physical additions the homeowner chose to add that were not considered standard during the building process (screened porch, hardwoods, granite counters, bonus room finishes, etc.). Contents coverage refers to the contents of the unit, items which are not permanently attached to the walls of the unit, i.e. furniture, electronics, clothing etc. The HO6 policy also covers the homeowner for personal liability inside their property. This policy is paid for solely by the homeowner.

While is it critical to insure your new purchase it is also important to understand what your condo association covers. The condo association policy covers the full replacement cost of the building. This includes all the standard items and standard fixtures initially installed by Jim Chapman Communities in your condo unit. It would cover the hvac, hot water unit, dishwasher, stove, oven and microwave as well as framing, roofing, sheetrock and all standard finishes. However, this does not include upgrades or additions (as detailed above) made by or on behalf of the condo owner by Jim Chapman Communities. The association policy also covers general liability in the common areas owned by the association as well.