Announcements

Insurance Deductible Increase on April 5, 2025

ATTENTION:

IMPORTANT CHANGES TO YOUR INSURANCE PROGRAM

MASTER POLICY DEDUCTIBLE INCREASING TO $50,000

TO WHOM IT MAY CONCERN:

We are writing to inform you of an important change to the Master Insurance Policy for the Sky Ridge Owners Association. Effective April 5, 2025, the deductible on the Master Policy will increase from $25,000 to $50,000.

Why Is This Change Happening?

Due to the significant loss history within the past three years and the decreasing availability of insurance carriers willing to provide coverage, this adjustment is necessary to secure the best possible policy for our community. Increasing the deductible will help protect the Master Policy from excessive claims, which have significantly impacted our insurance premiums.

What Does This Mean for You?

As a unit owner, you are responsible for covering damages to your unit up to the Master Policy deductible. With this change, you must update your personal HO6 policy to reflect the new deductible amount of $50,000. 

If you do not adjust your HO6 policy, you will be personally responsible for covering any gap between your current Dwelling Coverage limit and the new $50,000 Master Policy deductible in the event of a covered loss.

HO6 Insurance Policy Breakdown –

Please provide this letter emailed to your PayHOA Account to your insurance agent so they can help you restructure your policy for proper coverage.

Below is an outline of standard coverages found in an HO6 (Unit Owner’s) Insurance Policy and what you should consider:

• Coverage A – Dwelling: Minimum $50,000 (to match the new Master Policy deductible)

• Coverage C – Personal Property: Covers your belongings; review with your agent to ensure adequate coverage

• Coverage D – Loss of Use: Helps pay for temporary housing if your unit becomes uninhabitable due to a covered loss

• Liability: Minimum $100,000 (protects against lawsuits for bodily injury or property damage caused by you, your family, or pets)

• Medical Payments: Minimum $1,000 (covers minor injuries to guests, regardless of fault)

Explanation of Coverages –

• Dwelling Coverage: You are responsible for covering all losses up to the Master Policy deductible. Your HO6 policy should have Dwelling Coverage of at least $50,000 to prevent out-of-pocket expenses. If the cost of repairs exceeds this amount, then the Master Policy will cover the remaining amount.

• Personal Property: The Master Policy does NOT cover personal belongings. Ensure your Coverage C – Personal Property limit is sufficient for your valuables. If you own firearms, jewelry, fine art, musical instruments, or other high-value items, notify your agent, as many policies have specific coverage limits for these items.

• Loss of Use: This coverage reimburses additional living expenses if your unit becomes uninhabitable due to a covered loss (e.g., fire, water damage).

• Liability Protection: Protects you in case of accidental injuries or damages caused to others. Examples include dog bites, slip-and-fall accidents, or unintentional damage to a neighbor’s property. 

• Medical Payments: Provides a one-time payment for minor injuries to guests, regardless of fault. This may help prevent costly legal claims.

Additional Coverages to Consider –

Many standard HO6 policies do not automatically include these coverages, but they can be added upon request:

• Water/Sewer Backup: Covers damage caused by backed-up drains or sump pump failures.

• Equipment Breakdown: Covers electrical or mechanical failures of major home systems (e.g., HVAC, appliances).

• Service/Utility Line Protection: Covers repairs to underground water, sewer, or electrical lines servicing your unit.

• Earthquake & Flood Coverage: Not included in a standard policy; check with your agent if needed.

Important Notice for Rental Units –

If you rent out your unit, we highly recommend requiring your tenant to carry an HO4 (Renter’s) policy. Your tenant is not covered under your HO6 policy, meaning their personal belongings and liability risks are unprotected unless they have their own policy.

Next Steps –

Please contact your insurance agent as soon as possible to:

1. Increase your Dwelling Coverage limit to at least $50,000 to align with the new Master Policy deductible.

2. Review your other policy coverages to ensure they meet your personal needs.

3. Consider adding optional coverages that may protect you from additional risks.

If you have any questions regarding this change or need assistance reviewing your coverage options, please feel free to reach out to our office.

Thank you for your prompt attention to this important matter.

No Street Parking is allowed within the Sky Ridge Community, any vehicles parked on the street, at anytime, can be towed when the tow company makes rounds. If your vehicle is towed, call Legacy Towing 0ffice 801-685-2569 after hours 801-808-7743.

To contact the State of Utah, Division of Oil and Gas, regarding the proposed long-term blasting for the Juniper Canyon Mine please email oilgasmining@utah.gov