Your Homeowner insurance policy has been renewed, effective June 1, 2015. The annual premium has increased 38.87%, primarily as the result of earthquake coverage. All industry wide rate increases are controlled by the State of Oregon, and has authorized this rate increase for 2015.
Next year, our insurance premium should decrease as a result of adjustment to our “loss experience” claim, which took effect in our fire loss in late July 0f 2012.
Your Board of Directors made an extensive review of our insurance coverage a short time ago. At that time, we were unable to get a premium quote from any qualified company because they will not provide insurance for earthquake and glass coverage as we have with State Farm. (If we drop this coverage from State Farm, we could not get the earthquake and glass breakage coverage again). We also require an insurance agent to be local to provide personal service to members, and to have experience with providing insurance to homeowner associations, such as CHOA.
The Board will again address the matter of the insurance coverage and begin a search and review of qualified insurance companies.
This topic will be discussed at the next board meeting on June 10th.