This is almost as bad as “FREE Roof Inspections”, to give away our budgets to the Insurance Company so they would “reduce the deductible”? The Insurance Application does not ask for that at all!
I asked for documentation of this requirement and NEVER received any response. The Insurance industry has employees that analyze risks so that the company may properly price the premium.
I would not be surprised for other elements of our Insurance to request budgets, and find that those who maintain their own reserves may see increases in their premiums. Even this policy might do that!
Even the EXPLANATION left some believing their LOSS DEDUCTIBLE for Storm Damage went DOWN TO $ 5,000.00 from the 2% of value, approximating more than
$ 30,000.00. I only hope during budget deliberations that most Associations were not confused. Otherwise, many Unit Owners “will be up in arms”.
What’s your view, we would all like to know?
Ed Black
Saturday, February 9, 2008
"BUDGET Giveaway"
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5 comments:
We were very confused and unknowing. THIS ISSUE NEEDS MAJOR COVERAGE in the Reporter etc.
Exactly!! #$%^**, I was one who was told our deductible would be only $5,000 if we sent in the budget. Now I understand that was only for officers insurance. Our building deductible for wind is $31,870 (what do roofs cost these days?). I am waiting for Plastridge to complete details from Citizens, credits, etc. before breaking this news to my Board – I am not on the Board. Individuals can call Plastridge 1 800 299 7208 to get their valuation.
The village is much too big to be advised and directed by amateurs. We need paid professional management, operating under 718, to make this village what it could and should be.
Elaineb, you asked about the cost of new roofs. Several years ago we replaced the roof here (24 units) for about $23,000. It was destroyed by Wilma and the replacement cost as determined by the scope of work developed by the insurance adjusters was approximately $60,ooo.
Yes, all the unit owners need to understand this and take appropriate action. We have a replacement account that is prepared planning for normal replacement--non storm replacement.
We also have established a line of credit with a bank so that in case of a storm we will be prepared to start the replacement process very soon after any storm occurrence.
J&R, That is true, TRUE, there should be a banner over the entrances to CV. “CV is much too big to be advised and directed by amateurs.”
Especially the leaders should not be amateurs. There is always room for oversight, worker bees, and mailing crew.
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