EARTHQUAKE INSURANCE MEETING 9/5. A LOT OF YOUR MONEY INVOLVED. ATTEND!

THIS MEETING IS INFORMATIONAL. NO DECISIONS WILL BE MADE.

THERE WILL BE A SPECIAL VAUX BOARD MEETING, DEALING WITH NEXT YEAR'S EARTHQUAKE INSURANCE, VIA ZOOM ON TUESDAY, SEPTEMBER 5TH AT 3PM.

LAST YEAR, OUR PREMIUM FOR $50 MILLION OF COVERAGE FOR EARTHQUAKE INSURANCE ON THE VAUX WAS $88,000. FOR THE NEXT YEAR, IT IS ESTIMATED THAT IT WILL BE APPROXIMATELY $110,000. THE PREMIUM FOR $25 MILLION IN EARTHQUAKE COVERAGE WOULD BE (APPROX/EST) $67,000. NEITHER CHOICE PROVIDED, OR WOULD PROVIDE, FULL COVERAGE IN THE EVENT OF AN EARTHQUAKE DISASTER THAT MAKES THE VAUX UNINHABITABLE. THERE IS AN ALTERNATIVE: WE HAVE FOUND AN INSURANCE COMPANY THAT WILL SELL EACH UNIT OWNER THE AMOUNT OF INSURANCE THEY WANT TO BUY TO COVER THEIR OWN UNIT COST/VALUE. THAT IS NOT THE SAME AS THE CURRENT WALLS-IN COVERAGE YOU MAY HAVE FROM YOUR CONDO INSURANCE POLICY. IT IS INSURANCE TO COVER YOUR POTENTIAL LOSS IF THE BUILDING IS UNINHABITABLE. THAT COMPANY, MOTUS INSURANCE, HAS A WEBSITE…MOTUSINS.COM.

THIS IS THE SUBJECT OF DISCUSSION…THE ONLY ITEM ON THE AGENDA…FOR THE SPECIAL MEETING OF 9/5: HOW MUCH EARTHQUAKE INSURANCE DO WE PURCHASE, AS AN ASSOCIATION, FOR NEXT YEAR, AND DO WE, AS AN ASSOCIATION, APPLY TO MOTUS, AFFORDING EACH UNIT OWNER THE RIGHT TO DEAL, ON THEIR OWN, TO PURCHASE THE AMOUNT OF EARTHQUAKE INSURANCE THEY WANT TO BUY?

REPRESENTATIVES OF MOTUS INSURANCE AND ABI (OUR REGULAR INSURANCE AGENCY) WILL ATTEND THE MEETING AND BE AVAILABLE FOR QUESTIONS. MY RECENT EMAIL TO YOU, VIA KIN LIVING, LISTS THE LINK TO ATTEND THE ZOOM MEETING.

I SUGGEST YOU ATTEND. AND I SUGGEST YOU PREPARE QUESTIONS.

THANKS.

PAUL BLOCK

VICE CHAIRMAN

THE VAUX CONDOMINIUM OWNERS ASSOCIATION.