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Insurance Options – Your Input Matters
Published: July 29, 2025
We’re happy to share that our HOA has successfully reduced this year’s insurance premium, resulting in a significant savings for our community.Now we have an opportunity to save an additional $31K, and we would appreciate your input on how to proceed.
Here are the two options we are considering:
Option 1: Buy down the Deductible
• Additional premium cost: $31,000
• Wind/Hail Deductible: $50,000
• In the event of storm damage, this lower deductible could be covered by our reserve funds or through a one-time assessment of approximately $600/home.
Option 2: Take the Savings
• Immediate Premium Savings: $31,000
• Wind/Hail Deductible: up to $508,000 depending on the magnitude of damage
• In the rare event of significant storm damage, this could require a one-time special assessment of around $6,000 per home. You can check with your own insurance to see if they will cover your share of this $6,000 deductible.
Important Note: The wind/hail deductible applies to the total cost of rebuilding all 15 buildings in the community in the event of a full-loss scenario. This is a community-wide deductible, not per building.
Please reply by midweek with your preference. Include your property address and clearly indicate one of the following:
• BUY DOWN
• TAKE SAVINGS
Send your response to any of the following board members:
Thank you for your time and for helping us make the best decision for our neighborhood. If you have any questions, feel free to reach out.
Click here to download and read the LC TH Insurance Options
