Fellow Homeowners:
Please plan to attend the Board Meeting this coming Wednesday, October 26, as the 2012 budget will be discussed. The meeting begins at 5 p.m., but the budget will be discussed at 6 p.m. Several homeowners are very concerned with the increases in homeowner's dues being discussed. Nepenthe's dues are already the highest in Campus Commons. With the present economy and the fact that many homeowners are on fixed incomes, these dues increases will affect sales and cause some homeowners to move out of the Nepenthe area.
In order to remain competitive with the other associations, one possibility is for the association to consider eliminating flood insurance. This would result in an annual savings of $212,000. Each homeowner, of course, could elect to continue coverage under an individual policy. Because the coverage and rates are set by FEMA, the cost to the individual homeowner would remain basically the same. Campus Commons is no longer in a designated flood plain and therefore flood insurance is not required. The California Department of Water Resources states that our area has a one percent chance of flooding which translates to 100-year flood protection.
Nepenthe is the only homeowner's association in campus commons that covers flood insurance. As well, Exeter Square, Wyndgate, East Ranch and University Park do not cover flood insurance for homeowners.
If you are interested in keeping the dues stable, please plan to attend this important meeting.
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