Insurance
•It appears from reading the Certificates of Liability Insurance from 2023 to 2025 distributed to all homeowners is that the Association may be underinsured for 2025• It is important that all homeowners have knowledge that the Association does not carry earthquake or flood insurance • Since 2023 the Association has gone from being insured by two insurance companies to five insurance companies • The Property deductible was $10,000 for the past two years and for 2025, the deductible will be $50,000 • The water property deductible in 2023 was $15,000, and for 2024 and 2025, there appears to be no deductible, which may indicate that the Association is not covered • General Insurance Liability Damage to rented properties has dropped from $1,000,000 (1 million) to $75,000. Although insurance rates are high, is it an acceptable tradeoff for the board to save money on insurance premiums, but puts the Association at risk in terms of insurance coverage and deductibles?
