URGENT NOTICE re: your HO-6 insurance policy. Kindly reply RECEIVED to this email

PLEASE REPLY TO THIS EMAIL TO CONFIRM RECEIPT.  Kindly reply: “Received.”
Please read the following update regarding the renewal of Ridgeview’s master policy and how it may impact your personal homeowner’s insurance policy.

URGENTLY IMPORTANT: Please contact the insurance Agent that provides coverage for your required home insurance (HO-6) policy to assure that your coverage values are sufficient to protect you from potential risks based on increasing replacement costs.  https://ridgeview.fyi/resources/insurance-information/  This website link contains the information* that you should discuss with your Agent to assess your current coverage.  
Last November we discussed at the annual meeting that we expected a significant increase in our insurance premium for the Master Condo Policy – as increasingly large claims in the dwelling market nationwide are impacting rates in every state.  Carriers are exiting the habitational market coast to coast leaving fewer carriers with much less competition and little incentive to quote due to rising replacement costs, increasing wind/hail claims and more destructive named storms. 
We sought competitive quotes persistently for months and the good news is, we’ve been able to acquire coverage at a rate much lower than expected, and at least for the next year, have been spared the massive increases that many condo associations have experienced.  As an example, our Agency just renewed a policy for a different Condo Association for an annual premium of $270,000, their expiring premium had been $115,000! The path to this year’s coverage was rather complex and materialized only after we were rejected by nine underwriters.**  We received a quote from only one underwriter that was two and a half times our current premium with less coverage and higher deductibles.  Briefly, we thought we may have to seek coverage of last resort directly from the State of NC, but thankfully, with some persistence from the Agency we’ve worked with for over two decades, they managed to secure a favorable quote in tandem with another Agency in eastern NC and we are pleased to announce that this new coverage is officially bound for the next year.  Both Agents involved in writing this coverage assured us that our opportunity to obtain such favorable coverage is due to the fact that we have not had a single claim in 10 years. 
Kudos are in order to all Owners that have been vigilant in following safe practices within their homes and have been careful and observant in common areas to prevent risks.  If you have a pet in resident, please assure that your pet is properly registered with the Association and that your personal policy specifically holds the Condo Association harmless for any/all pet related claims.  Pet registration is important to assure that only breeds permitted by our insurance carrier are in residence to prevent cancellation of our policy due to non-compliance.
Thanks to all for your past and continued vigilance to assure we are able to secure the best rates possible.
Message Footnotes
*For your convenience, following is the insurance information available at the link above and on the Ridgeview website under the RESOURCES tab:

It’s important to note, our policy is not intended to cover most common losses (like losses due to water damage from plumbing fixture failures).  The Ridgeview Master Policy carries a high deductible and is only in place to provide walls out coverage for catastrophic losses. Owners should provide their own policy to cover deductibles, loss of use, replacement of all interior components in the event of casualty loss (including flooring, cabinets, electrical fixtures, appliances, etc.), coverage for water damage, and all insurable contents. Details of the coverage you should have in place with your insurer is recapped below:

Our policy is a “walls out” coverage policy. Please take this opportunity to review your coverage with your agent and assure that your HO policy includes “walls in” replacement as well as contents coverage. Your insurance would be responsible for finishing walls, floors, all lighting and plumbing fixtures as well as replacing all appliances and cabinets. You should also plan for coverage for the cost of being displaced from your home should a catastrophic event occur.

Additionally, we further recommend that you speak with your agent about LOSS ASSESSMENT RISK. This coverage should be adequate for the $25,000.00 deductible that exists on the HOA policy, as the first $25,000 of any claim would not be covered by either Ridgeview or Ridgeview’s insurance.

You may want to increase your LOSS ASSESSMENT COVERAGE for liability purposes as well. In the event that Ridgeview was named in a lawsuit and was liable for an award that exceeds the $1 million coverage provided by our policy, you can add loss assessment coverage to your policy to cover any assessment by the HOA that would be necessary to pay the costs to you that the Association would be obligated to assess.  Adding $50,000 to cover such assessments should be available for minimal additional cost. We recommend that you discuss adding this to your policy as it is a small price to pay to potentially save your home or savings against a major liability judgment.

**insurance underwriters that refused to provide a quote:
Hartford – declined due to age

Amtrust – frame construction

Philadelphia – property value too high

West Bend – declined due to age

Travelers – declined due to age/frame

Cincinnati – declined due to age

Westfield – property value

Auto Owners – declined due to age

Main Street – won’t do habitational condos

 

RPS –Quoted over $60k in premium with higher deductibles (and required an additional policy to match existing coverage)

Post expires at 12:14am on Wednesday August 7th, 2024

Update on pool repairs

Some of you may have noticed that our pool contractor has been performing warranty repairs to the pool during the past couple of weeks.  In the last update to everyone, we expressed hope to have the pool open by late June/early July.  That timeframe was based on our own estimation of what we thought possible, as the pool contractor would not commit to any specific timeline then.  Even now, despite our requests, we have no definitive timeline for completion.  To the extent that they don’t control the mandatory government inspection, it is understandable that they would resist guaranteeing an exact date because the inspection is among several contingencies that impact opening the pool.

We have pursued every potential option to get the pool open as quickly as possible, including seeking counsel from legal professionals, pool consultants, pool construction companies and different pool management companies.  Despite those efforts, it became clear that no option pursued would result in the pool opening any sooner than the existing contractor performing the warranty work as they were the only ones that had resources available to schedule within a reasonable time frame and they committed to mobilize them.

An even greater consideration, was that while all other options would have likely resulted in even further delays in the pool opening, they also involved solutions that would have placed significant financial costs on our Owners that we deemed unacceptable.

Several sources have confirmed that the rates we pay for pool management are also the lowest available in the area.  As frustrating as dealing with this matter may be, we have employed every reasonable option to compel the pool contractor to meet their warranty obligations to our community while at the same time maintaining a professional working relationship with them to protect the financial interests of all homeowners. 

The contractor has assured us that they will continue their work every day next week, weather permitting.  Once we have reliable information regarding the actual opening date of the pool, we will update everyone.

Happy Independence Day to all.

Post expires at 6:41pm on Monday July 29th, 2024

Guy Roofing onsite tomorrow Feb 9

Please be aware that Guy Roofing will be on roofs throughout the community starting tomorrow morning,Thursday, February 9, to clear gutters and downspouts as well as perform a routine inspection and maintenance. Unless you’ve been notified otherwise, no access to the inside of your home is required.
Just an FYI so no one is caught off guard by footsteps on the roof.

Water Interruption

There has been a major water line break on Wexford under the parking area.  Water has been shut off on Chadbourne to the entire area.  The best guess at this point before water is restored is noon.   Will provide an update if the projection changes. 


Since your outdoor spigots are covered for winter, best practices for this time of year would be: turn off water to refrigerators and ice makers.  When water is restored, flush toilets first, then tubs/showers, cold water only.   And sinks last where you access drinking water, again cold water only.   After you have run water for a few minutes to clear all sediment, then follow normal protocol advisories from water service. 


Sent from my iPhone

Timeline for window estimates (follow link to post or check website for more information)

A number of folks have inquired about when they can expect to receive window estimates.
The final posted deadline for submitting window measurements was Monday, Jan 9. The 109 estimates for window measurements provided were compiled the following day and formally submitted to JeldWen. Yesterday, JeldWen confirmed receipt of the request. Since JeldWen is the manufacturer of the windows, they are contacting Distributors within their network to find which Distributor is willing to process and deliver our order for the best price.
Each Distributor that JeldWen contacts will have to quote our order based on their pricing and then get back to JeldWen before they are able to get back to us with the best possible pricing. It seems likely to take at least a couple of weeks for JeldWen to contact the Distributors, receive the quotes back, compare/review the quotes, and contact us with the best option.
Everyone that requested estimates will be contacted promptly once we have been provided estimates from JeldWen.
Best to all, Alex

MONDAY DEADLINE approaching for requesting window quote (Click link or visit website for details)

Kindly note, Monday, Jan 9 is the deadline for providing approximate measurements and each window location to receive a quote for windows that you would like to replace. This is the deadline to receive a quote. There will be a future deadline announced to allow you time to review the quotes once we receive them and for you to confirm that you would like to be included in the bulk order.
Please refer to the prior notice posted on the website that was emailed to everyone for additional information and how to measure.

URGENT: if you don’t already have insulated spigot covers installed, please do so today

There are still quite a few homes throughout the community that don’t have spigot covers installed. Temps forecasted in single digits tonight and teens next couple of nights. Please take annual precautions prior to the first freeze to prevent damage to your home and avoid being without water as well as potentially damaging your neighbors home. If pipes freeze in your home, the HOA insurance will not cover the damage and you will likely be responsible for damage to your neighbor’s home. It’s a small precaution that could avoid potentially tens of thousands in damage to your home.

Boil Water Advisory should be in effect

To the best of our knowledge, no one has received a boil water notice from Carolina Water Service. It is unclear why they are no longer notifying their customers directly regarding boil water advisories. Hopefully they will ‘fix’ this issue. In the meantime, please be aware that anytime there is an interruption in flow of water to your home due to a water service line break, there is a possibility that pathogens may be introduced into the lines from ground water. Accordingly, precautions should be taken for at least 24 hours after water is restored – particularly if there is an immunocompromised person in your home.