We still do not have proof of cost-to-replace insurance (Renters or Condo insurance is not sufficient) on a number of properties, despite having sent several notices and warning letters.
We will continue to impose fines (which are classified as Assessments) on those homeowners who either cannot or will not provide the required proof they have the mandatory coverage specified in our Declaration. As a reminder, all assessment fines left unpaid are added to member accounts and will result in an Assessment Lien on your property.
While we are reluctant to place significant fines against homeowners, they must understand that as homeowners in this HOA, they must have proper home insurance and demonstrate that they do. Fines can be assessed at $250 per week and $1000 per month for any violation of our Declaration (see Fines and Enforcement Policy).