Please vote - help determine if you would like earthquake insurance.
Hi all,
For some background, the HOA covers insurance for the exterior of the buildings in the OSN community. In comparison, you typically will also have condo insurance as it is typically required by your lender to insure the interior of your place.
Decision
This year, the OSN board made the decision to not renew the earthquake part of insurance. The reason for that was there were an unexpected, large increase in the number of roof repairs in 2020 that totaled about $20k. To cover the cost and prevent an even more significant increase in dues, we did not include earthquake insurance when we renewed insurance. This is because we have planned roof expenditures in 2021 to make sure that our roofs remain in good shape.
Some notes
Some information about the cost of our insurance:
If we do not have earthquake insurance, to cover the cost of repairs would be a combination of: funds on hand, a special assessment, or a bank loan.
What about others?
Currently, about 13-15% of homes in the Seattle area include earthquake insurance due to the high cost.
Action for you
We will be sending out a survey - please vote for whether or not you would like to keep earthquake insurance later on