2:00pm
Virtual / Microsoft Teams
Click here to join the meeting
Meeting ID: 224 155 941 96
Passcode: FCURZb
Call In Option
Number: +1 (323) 433-2148
Conference ID: 579 026 248#
As the Managing Agent for Legends Crossing Townhome Owners Association, Inc., we are pleased to announce there will be a Virtual Insurance Workshop on Friday, October 13th, 2023, at 2:00 p.m.
Your Townhome Association Board just received insurance information that they would like to share with you and get your opinions/thoughts about how to proceed, specifically regarding wind/hail deductible, coverage, and annual differences.
The purpose of the meeting will be to understand options for insurance coverage in 2024.
- Option 1: Place the insurance with a standard deductible which is two (2%) percent of total asset value (TAV) in the event of all buildings being damaged by wind/hail. This deductible would be $392K.
- Option 2: Purchase a wind/hail buy down which would cap the deductible at $50K per occurrence.
How can these options be funded? The budget for 2024 is being prepared this month. There is currently $100K in the operating account for ($50K) in the Reserve account. The Board would like to continually enhance the Reserve account for down-the-road major maintenance, repairs, or improvements. However, the Association does have funding in the operating account to cover the additional $30K if this is your direction. Or we can take the risk, reducing the cost of insurance. However, risking a significant deductible if a major wind/hail event occurs. The size of this deductible would most certainly require a Special Assessment to cover.
Attendance is always encouraged but is not mandatory. Your opinion matters, and we encourage as many opinions as possible.
Please email Caspar Sullivan, Community Association Manager, at caspar@essexhoa.com with your thoughts by 5:00PM on Thursday, October 12th, or submit your inquiry via the “Contact Us” tab on the Association’s website and an Essex Association Management representative will respond promptly.
Click here to download and read the Legends Crossing Townhome- Updated Insurance Workshop- 10.13.23