Insurance
The insurance ballot count reached quorum in February and the measure passed by majority vote to continue with full property insurance coverage for the Association. As a result, each homeowner will receive a special assessment in the amount of $2,000. This assessment was posted to your CiraNet account on April 1stand was due May 1st.
If you are enrolled in ACH, please verify your enrollment status. There are two setting options:
1. Pay Assessment Charges
2. Pay Open Balance
If your account is set to “Pay Assessment Charges”, the special assessment will NOT be paid automatically. RealManage refers to monthly dues as assessment charges, which is confusing. You will be charged $333 in installments over six months. A $6/mo processing fee will be charged starting in June (there is no fee for the first payment).
If your account is set to “Pay Open Balance”, the entire special assessment should have been paid but please access your account to confirm. You will not be charged the processing fee.
The Special Assessment for FULL Insurance Coverage Passed!
Ballots were counted at a special meeting on February 11th. Thank you for submitting your ballots!
176 Ballots Returned (over 60% of Homeowners)
134 in favor of full insurance coverage
42 opposed
This means the HOA will maintain FULL insurance coverage through September 2026 when our policy renews - at which point, our insurance brokers, Marsh McLennan, will scour the market for the most competitive rates. This is an ongoing problem impacting all California HOAs that we will continue to face for the coming years.
Why are the special assessment and ballot are necessary?
Our community has a full coverage property damage policy for roughly $700,000, valid for one year. Due to unprecedented increases in insurance costs across California over the last several years, the premium for this policy exceeds what we can budget from the monthly HOA dues. As a result, a special assessment of $2,000 per address is required.
Legally, the HOA cannot bill a special assessment in addition to regular monthly dues without majority homeowner approval. That approval occurs through the ballot you received by mail last month.
Click here copy of the January 28th Town Hall presentation.
Our certificate of insurance is available in the homeowners’ portal at www.ciranet.com.
Interested in policy change? Contact our elected representatives: