All-Community Meeting Minutes, Sunday October 27, 2024

Topics: Ben (fac), Renae, Lynda, Scott, Michael, Emilie, Tobi, Laura, Robin, _, Joe, Kay (notes), Cheryl, Jorge, Coleman, Stephen, Vicky, Alex, Cyd

Insurance

Insurance companies have been paying out increasing amounts due to catastrophes fed by climate change, and 

Ben checked with our insurance agent. Budgeted $1800 for 2024; so far our premiums were $3400 (Jorge will confirm with bookkeeper). Next year premiums $4400. Talked through various scenarios, changing coverage, savings weren't much for much less coverage. 

Had three claims in past years due to water damage (two were #5 & common house; Ben is inquiring about third). Claims stay on our record for seven years.

Earthquake coverage 'deductible' is 5%, covered by owners of specific building. Earthquake insurance is everybody or nobody; you can get your own insurance to cover the deductible but not separate coverage for a particular building.  If we cancel the insurance & an earthquake causes severe damage, owners are still responsible for their mortgages on units they can't live in.

Scott asked for a copy of our insurance to look at. His employer manages condos & negotiates condo insurance all the time. 

So far looks like a 25% increase in condo fees, mostly due to insurance. Would still have an increase ~3.5% without insurance.  Maintenance costs are also going up; stucco repair bids are much higher than we'd hoped.

Wonder whether increasing pay-or-play would help much.  Many people are already doing way more.  OTOH it might lighten the load for those who are overloaded.

Can't really budget based on creativity unless it's proved out.  Fund-raising has worked well enough to include it in the budget this coming year, but it's a drop in the bucket.

Some policies are paid monthly.  If it's possible & saves money, we pay others annually. Annual premium due in November, but we aren't locked into a contract; if we cancel we get a pro-rated amount back.

Book-keeper has gotten books done up to July and expects to be through September soon; we'll have a better idea of where we stand on actuals once she's done that.

Management is responsible for maintenance, legal, and financial matters. The first duty of HOA boards is to maintain or enhance the marketability of the property, per Scott.  Management tries to consult the community even in areas that condo law & the CCR give it power. In short-term exigencies Management can impose policies, but longer-term policy changes require community consent. 

 

Pay or Play

Will send out invoices for hours not reported soon. If you believe it is incorrect, you can report your the work; if you need time to pay it can be arranged.

Ben says consensed policy doesn't allow for donating hours to people outside the worker's unit; it's been happening in practice. Need to clarify this and add language to the consensed agreement.

This budget doesn't include any changes in pay-or-play. It will be discussed separately at some point in the future.