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Insurance rates to rise!

Beginning on Monday, July the 17th, a very slow moving area of high pressure began a journey across the central Midwest of the country. As it moves across the state in a rather ponderous fashion, we can expect the temperatures to be on the rise with little to no chance for any precipitation. And, while the Heat Index will get into the low 100’s, we won’t be as effected as some of the more northern counties. That said, look for the warmest day to hit along about Thursday with no real chances for much relief!

A motion was made and then passed to raise the late fee penalty from $10 to $25. The new ruling will become effective July 1, 2017.

After suffering through a couple of damaging storms, I wasn’t really too surprised to learn that the insurance company that covers the TTPOA complex had decided to raise their rates significantly. The potential liability for damage to buildings and auxillary structures rose dramatically from $5K per incident (covering the entire complex) to $5K per structure! Thus, in a worst case scenario, each unit owner could incur a substantial increased cost liability! That is, if they did not first make sure to increase their personal coverage to offset the higher building/garage deductibles that will go into effect later this July. It is imperative that each owner make sure that they are adequately covered with their respective insurance carriers. Note: With global warming comes stronger storms - Just a thought....