Management minutes, Tuesday November 5, 2024, 7:00

Topics:  insurance

Present: Ben, Kerry, Stephen, Jorge, Kay (notes), Mary (7:40 to 7:55)

Decision:  Increase deductible on common house insurance to $25K.

Action Items

Jorge will follow up with the insurance company whose name Vinnie gave us.

Ben will ask Justin to increase common house deductible.

Reminder:  $30 fee for common house guest rooms should not be paid through Venmo. Venmo payments should only be donations by guests or fund-raising.

Kerry would like access to see what is coming in through Venmo so she can determine what fund-raising efforts are effective.

Kerry will check with Cheryl re maintenance.

All members, look at budget draft.

Meet Monday the 11th, 7:00 p.m.  Send budget draft to community after that.

Insurance

For 2025 total premiums will be $43,965. The earthquake premium is $18,790, including the common house & workshop policies. It doubled in last two years. Changing the deductible to 10% hardly saves anything.

Total property coverage in 2022/23 was $5.2 million, if everything needed to be rebuilt; for 2024/25, $7.3 million. 

Deductible for c.h. & workshop is $1K.  Raising the common house deductible to $25K would save $2500. 

Justin has checked policies with several other companies than AmFam and so far hasn't found anything less costly. He says HOA coverage is going up more than single-family home coverage, and some insurance companies are getting out of HOA coverage altogether. 

Ben's draft budget includes counting this year's $5K fund-raising towards next year's budget. Latest reserve analysis says we don't need to put quite as much into reserve, so budget reflects that. Garbage fees going up by 5%.  Water costs will be a little over budget this year.

Next ACM is Nov 13. 

Gutters

The units that had gutter covers on the first floor paid for them themselves. Covers weren't compatible with new gutters.

Maintenance

If maintenance comes back to Management as Vinnie pulls back, hold separate meetings from other Management business.  Important to keep up the record-keeping that we started this past year; we've needed that for a long time.