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Showing posts with the label earthquake insurance

TODAY IN TRILOGY

CORONA WEATHER

✅ MOTUS WEBINAR for Cobblestone Canyon, Tuesday, March 9, 6:30 pm.

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 TGMA (our HOA board) has enrolled in the MOTUS EARTHQUAKE INSURANCE PROGRAM. This voluntary program gives the opportunity to OPT-IN to a new type of earthquake insurance (EQI) for condo owners.  Again, the program is not mandatory. Look for details coming via an e-mail blast. ▶ Go to https://app.motusins.com and use the code “TGV883” ▶ SEE EMAIL FOR INSTRUCTIONS

✅ TGMA Board Approves CDRC MOTUS Motion

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The TGMA Board unanimously (5-0 vote) approves a $1,250 annual expenditure that allows the rollout of Cobblestone community webinars by MOTUS Insurance, Inc., to educate condo (only) homeowners about the voluntary (opt-in or out) offerings for earthquake insurance. Webinar (online) meetings are coming to explain this program, which is entirely voluntary and will not raise HOA fees.  By the way, at the same meeting, the TGMA Board also approved the 2021-22 budget with no dues increases. ▶ Most of the “Frequently Asked Questions” about MOTUS are answered on their website at this page ▶ FAQ   ▶ SEARCH this topic and related issues at ▶  

✅ Next step is in the Board motion of 2.2.21

Next to happen regarding an official action to allow Cobblestone homeowners to participate in upcoming webinars (online meetings) to learn about the MOTUS Insurance earthquake coverage options is consideration by the TGMA Board to accept the motion of the Cobblestone Canyon Disaster Recovery Committee. This happens on Feb. 2, per the agenda above.

✅ What is the history of EQI for Trilogy Glen Ivy Cobblestone?

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HISTORY OF EQI HERE   Was EQI for Cobblestone Canyon once prohibited by the community CC&Rs? How, when did this change? Who (alone) may now vote to add EQI? What is the history of EQI for Trilogy Glen Ivy Cobblestone?  ▶ The creator and author of TRILOPEDIA may attest to nearly a decade of residence (since November 2011) in Cobblestone Canyon as a first-time life experience living in a condominium.  Virtually from the beginning of the relocation to Trilogy Glen Ivy, the issue of disaster recovery for the community has been a common topic.  Perhaps this had something to do with the escrow documents that came with the condo purchase.  That is, the escrow papers expressly prohibited Cobblestone condo owners from the purchase of earthquake insurance for the individual units. Beginning in 2011 (perhaps before), the TGMA Board of Directors started a review of the earthquake insurance issue for Cobblestone Canyon.  Most of the study transpired within executive...

✅ CEA EQI policies have these limits for condos

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  What about the $100K maximum building coverage? What are the deductible choices? How is the deductible factored with a claim?   CEA EQI policies have these limits for condos  ▶ Any condo owner who visits the California Earthquake Authority quotation request page for earthquake coverage learns that the maximum value for condo EQI is $100,000.  Currently, that is less than one-third of the typical resale value of a smaller downstairs Cobblestone condo as of year-end 2020.  That may be a problem.  Although, given the rule that it may take 50% of the typical home value to reconstruct the unit, the CEA limits may not be out-of-bounds.  One thinks, however, that the arbitrary limits on condos may have something to do with risk management by the CEA. CEA EQI policies have these limits for condos COVERAGE OPTIONS FOR HOMEOWNERS CEA earthquake insurance for homeowners allows you to choose between two policies: purchase all of your coverages together under on...

✅ Epilog: What is the reason so few HOA and condo communities purchase EQI?

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  A question and post from the distant past (circa 2011), but the answers given are still relevant today.  See LINK HERE SOURCE : Property Management Professionals (“PMP”) was founded in 2008 with a vision for a fresh approach to community management, focused on extraordinary customer care and a proactive, value-added management style that has come to define our organization. After working with the association management industry for nearly a decade, PMP founders knew that there was an opportunity to revolutionize the association management industry. By combining Fortune 500 corporation experience and work ethics with a boutique firm mentality, PMP truly offers a different experience for Board Member and resident clients. Made up of industry leaders from some of the nation’s most respected builders, developers, accounting firms, mortgage escrow companies, and community management firms, PMP has the most diverse and seasoned team of professionals in the industry. Our team’s un...

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