Wednesday, July 10, 2024

Cedar Springs HOA Special Meeting March 16, 2024

Cedar Springs Homeowners Association
2024 Special Association Meeting
March 16, 2024
Zoom and In Person

 

CALL TO ORDER 10:15 in the Windermere Conference Room & on Zoom


ROLL CALL

Present: Stannert (1801), Thorngate (1802), Caracciolo (1804)Mickelson (1815), Winge (1817), Perry (1819), Cawrse (1902), Harper (1909), Shotwell/Lamborn (1910), Strandberg (1802 Ct.), Janicula (1811 Ct.), Guard (1813 Ct.)

 

Zoom:  Metcalfe/Terrell (1903), Kudelko (1809)

 

Proxy: Laiche (1806), Welchko (1807), Radke (1901), Gauthier (1813)

 

Absent: Petrin (1808),Vorel (1810), Rietzel (1811), Kezar (1803), Dale (1805), Moore (1907), Yankacy (1812), Petro (1908), Westlake (1804 Ct.), Theny (1806 Ct.)

 

NEW BUSINESS

Curtis Payne from Farmers Insurance answered questions about insurance rates, coordinating personal insurance and HOA insurance, and options of raising deductibles. 

 

Rates going up 20-80 percent across the board because of natural disasters around the country. Ours went up 25%. One way to decrease this is to increase deductible and have owners increase their personal coverage. 

 

CCR’s require that owner’s have and submit proof of personal insurance that covers HOA insurance deductible (currently $2,500). Owners can have your insurance company send it to Windermere. 

 

Our current policy rebuilds the building back to how you purchased it. Owners advised to talk to your insurance agent about what needs to be covered, including upgrades to flooring, cabinets, etc. Each owner should have photos of improvements that have been made. Can provide these to Windermere. Any improvement above $1,000 should be reported to HOA. 


Condo insurance covers all buildings. Deductible is per event. Current deductible is $2,500. If we increase HOA deductible to $25,000, then homeowners need to increase their coverage to at least $25,000. We have to police these. Several homeowners reported that increasing their coverage was less than $25 per year. 

 

Curtis discussed HO6 which covers your belongings, liability, and is designed to cover losses to the structure of your unit that your condo association's master policy won't.

 

Earthquake insurance: also went up quite a bit. It has the same coverage with a 10% deductible. Always catastrophic policy. $1.5 million deductible. We renewed Farmers at the current rate so we’d have continuous coverage. Most likely will do this for March as well.  At the annual meeting, we expected a 10% increase and approved $34,000, but it went up much more and we have a $6,563.26 shortfall.

 

Insurance currently runs from Feb 25 - Feb 24. Earthquake gets big payment in Feb and then spread out over next months thru Dec 31. 

 

$25K deductible would save a good bit. Must make sure that each homeowner has coverage.

 

Mary Guard made a motion to transfer $6,563.26 from the operating budget to the insurance budget. Art Shotwell seconded. Discussion included option of dropping earthquake insurance, getting quotes from other agencies (Sate Farm, American Family, CAI). Motion passed.

 

Motion: Art Shotwell made a motion to get 2 more estimates at each deductible ($2,500 & $25,00) and before the end of year, inform homeowners that there’s a possibility of raising deductibles and to also pursue changing start/ stop dates to Jan1/Dec 31. Joan Mickelson seconded. Discussed changing deductible to 25K, but need time to get homeowners on board. Will use docusign when needed to get owner’s signatures of proof of insurance. Motion passed.

 

Meeting adjourned at 12:19

 

Next board meeting: TBA

Respectfully submitted by Suzanne Metcalfe, CS HOA secretary

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