BROADWATER COURT TOWNHOMES HOA
131 East Main Street
Bozeman, MT 59715
406.582.7490
info@lunaproperties.com
________________________________________
August 26, 2010
Dear Broadwater Homeowner,
It sounds like things are moving along for most homeowners in regards to the roof repair. As a reminder, once you have made contact with your neighbors and are in agreement to move forward with the work, please contact the contractor directly to proceed with the replacement of your roof. The HOA will not be mediating between owners, the contractor and your individual insurance companies.
We have a couple points we would like to mention in regards to the bylaws, insurance coverage and your individual rights. The Board would like to try and explain to help clear up any confusion.
#1 – Due to the way the bylaws are written, the HOA is not required to carry building coverage insurance, only general liability. It seems some owners still do not understand why the insurance has been written this way. The reason for this is the association is a complex of townhomes and not condominiums. In the world of insurance, there is a big difference between the two in terms of what insurance is needed to cover each. Condos are insured very differently, usually “studs out” which pertains to most everything exterior, which is covered by the association’s insurance. In terms of price, on average, you would be spending about $1300/mo for this type of coverage. With townhomes, owners own their portion of the building along with the lot the building sits on. Townhomes are insured exactly the same as single family homes. Even if we wanted to amend the bylaws to state that building coverage be the responsibility of the HOA, it simply cannot be done without changing the entire association from Townhomes to Condominiums, which would only mean property value loss to you in the end. Not to mention, dues would have to be raised to cover the new added expense of insurance per month, as now we are only paying $500/yr.
#2 – With that said, in regards to hiring Pyramid Property Services to handle the roof repair in our association, this was merely a recommendation from the Board in hopes of keeping uniformity with roof material within our complex. Please know, owners have the right to choose/decide to use another contractor or to contact another company for a price comparison. The Board was simply trying to help in the situation by providing an estimate for each building. On another note, Luna Properties is not benefiting by recommending Pyramid Property Services. We asked them for the recommendation from someone they knew and trusted.
#3 – On page 2 of the bylaws it states the following:
The Broadwater Court Townhouse Owner Association shall maintain the roofs and siding of the buildings, but the individual owners shall be responsible for replacement and repair of windows and doors and any additions that may be made to the buildings, such as satellite dishes.
We spoke about this in last year’s HOA meeting and what was explained is that yes, in 30 years, if the roof needs to be replaced due to age, then yes, the HOA will be responsible to take care of that. This would be considered “maintenance”. For example, the HOA is touching up the trim work around the complex on the buildings, this is considered maintenance. Along with that we painted the fire lanes this summer because they had dulled in color over the last few years, again this is maintenance. If the gutters are falling
off the building and/or are clogged, the HOA will deal with this as general maintenance. If however, there is a catastrophic event, such as a hail storm that causes massive
damage, this is not considered to be maintenance of the buildings. It is damage covered by insurance, not preventative maintenance to maintain the integrity of the complex. Such maintenance is not covered by an insurance claim.
Please let us know if you have further questions and we will be happy to discuss your concerns with you. If you are having trouble contacting neighbors, contact Luna and they will provide you with the contact info they have on file and send the owner a letter to try and make the connection for you.
Respectfully,
Broadwater Court Board of Directors
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment