South BOD Rehires Management Company They Threw Under Bus 10 Years AgoDoes a Single Board Member Even Know This?
In 1990, long before any of the current boards of directors of any of the associations likely even moved to Edgewater Isle (much less the frequently turned-over property managers were hired) homeowners elected to have earthquake insurance.
In this vote, which occurred only months after the 1989 earthquake, homeowners elected to pay $6.00 a month for earthquake coverage.
In the subsequent years, pre-unit premiums have risen from $6.00 a month to over $48.00 per month while coverage decreased from $30,000,000 (thirty million dollars) to $5,000,000 (five million dollars).
How can any board seem to think that that is a good use of money? Why are boards continuing to be negligent in failing to consider other options? If the Association self-funded years ago, as many people (and we know who you are CF :-D ) suggested, the Associations would have had an actual bank account with actual funds instead of having been a contributor to insurance companies' profits.
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