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High Point HOA upgrades insurance to replacement-cost coverage, reducing cost by $5,000
Summary
At the Feb. 6 meet-and-greet, the association reported switching insurance from depreciated-value to replacement-cost coverage for the Welcome Center, Office and Maintenance Building, trimming costs by $5,000; financial statements and next B.O.D. meeting details were also announced.
At the High Point meet-and-greet on Feb. 6, Secretary Jean Albano reported the homeowners association renewed its insurance and upgraded coverage from depreciated-value to replacement-cost for the Welcome Center, the Office and the Maintenance Building, yielding a net reduction in cost of $5,000 compared with the prior policy.
The association said the change moves covered property to replacement-cost terms rather than depreciated value, and that the insurer reduced the overall amount owed by $5,000 after the adjustments. Financial statements were placed on meeting tables and are available at the Baltic Building office, and the board said members will be billed monthly once the residential payment portal is operational.
The board also announced its next meeting will be Tuesday, Feb. 25, 2025, at 9 a.m. in the Community Center. New 2025 rules and regulations are expected to be distributed soon after legal review. The meeting minutes were filed by Secretary Jean Albano.
