Fellow Homeowners,
As we know firsthand, the hail storm last June resulted in a massive amount of damage across North Texas, including our very own neighborhood. A few months later, the October tornado tore a path through our area resulting in even further destruction.
As an almost unprecedented result, insurance rates in Dallas and neighboring counties have skyrocketed – with increases as much as 300% as some of us have already experienced in our personal homeowner’s insurance.
The HOA is now facing a significant increase in our property insurance.To put this in real numbers, here are the annual rates for our insurance:
| Year | Annual Property Insurance Premium | |
| 2018 | $80,000 | |
| 2019 | $97,000 | |
| 2020 | $238,216.25 | Renewal effective February 8, 2020 |
When preparing the annual budget for 2020, the Board consulted with insurance industry professionals and, was advised to increase the insurance premium allocation by 30%. As an additional precaution, the Board increased the insurance premium projections by 40% – which was $130,000.
The premium for 2020 is a 146% increase. And we are now facing an additional $100,000 annually in unbudgeted costs due to the increase in our property insurance premiums.
To determine the best solution to fund this increase, the Board has asked for a Finance Committee of homeowners to research this issue and review the entire budget. The increase in insurance costs will likely be an ongoing issue moving forward, and we need to find an ongoing solution. The Finance Committee will make an independent recommendation to the Board by the end of June 2020, and the Board will then take action.
We need volunteers for the Finance Committee.
This is a significant issue that requires careful consideration and thoughtful discussions. If you would like to be part of this committee, your participation will be most welcome. The only requirement is that you are a Copperfield Townhome homeowner and member of the HOA in good-standing.
To join the committee, please submit your name under “Contact the Board” on the Copperfield HOA website:
https://copperfield-hoa.com/
Password: Cpth2017!
>> Contact Us >>Contact the Board
Three homeowners who attended the monthly HOA meeting last Tuesday volunteered for the Finance Committee, and assistance from additional homeowners would be very helpful.
The initial meeting will be in the evening or on a Saturday and all that have signed up and/or shown interest will be included. Committee members will then organize among themselves to schedule future meetings.
We all care about Copperfield and have a vested interested in maintaining our homes, neighborhood and property values, as well as the financial health of our Association. If you are able to provide support to the important work of this Finance Committee, please volunteer today.
Thank you,
Copperfield Townhomes HOA Board of Directors