September 18, 2015
Memorandum BOD 2015—5. Subject: 2015-2016 Insurance Premium and Maintenance of buildings with water damage
Dear Owners,
We hope you are all enjoying a pleasant summer, even as it extends into fall.
The purpose of this memo is twofold. One to inform you of the latest projection in our insurance premiums. Second is to update you on what will be an on-going maintenance program to repair rotted wood framing in many of our buildings.
Insurance: As you know, our HOA has a full coverage insurance package that is among the best in the Rio Grande Valley. Twice each year we are in direct coordination with Texas Insurance Managers (TIM) regarding the status of our premiums. In March we receive a preliminary projection for the next year and in September we receive the new premiums for the upcoming year beginning November 1.
The Premium Summary for the renewal package is posted to the BVHOA web site at www. Bridgeview-condos.org, Insurance. The 12% percent increase in our total insurance package premium will result in a $15.00 per month per owner increase in insurance fees. This increase will be due with the November 1, 2015 billing. The total HOA fees are now $190.00 HOA Maintenance and Operations and $135.00 insurance for a total of $325.00 per month.
Building Maintenance: Our HOA is now over 30 years old since the first of three developments were begun. As with any structure, particularly wood, and in a harsh weather environment, preventive maintenance, conducted consistently, is the only way to extend the safety and life of these structures. Hurricane dolly in 2008 brought to the board’s attention that many of our early buildings were showing signs of rot among the framing, especially in the front of the lower units. A number of these units were repaired during the Dolly Recovery period. Now, we are seeing more of this deterioration. Thus, we have developed a program to repair these units over time in order to be more efficient. Repairs will begin with units H7 & H8, then C1. A program of inspection of each lower unit will begin in October, 2015. The City of Laguna Vista will issue work permits and a third party engineer will inspect and approve the work for insurance purposes. We will keep you updated as this process unfolds.
Thank you and regards,
FOR THE BOARD of DIRECTORS
W. F. Reilly, Jr.
Secretary
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