#CEA #Estimates ▶#SocialCurrentSee®

As we search further into the mysteries of #EQI and the main purveyor of earthquake insurance in the Golden State and land of quakes, we come up with▶ Given what we have already discovered and revealed in two previous posts on this blog, we now turn some attention to the process of obtaining a 2017 #EQI quote at the #CEA site▶ The reality of this educational exercise is that the search is basically useless to me as a purchase opportunity for the reasons that I will explain below▶

We are homeowners in a common interest development, aka homeowners association or HOA, but also residents of a condominium in a social benefit area (SBA) for that Inland Empire, Southern California community▶ While the #CEA site offers estimates on condo #EQI, the caveats at the site advise that customers must connect with one of their 24 licensed agent brokers (those the CEA calls "participating insurers" ▶http://bit.ly/2gbb89g ▶ The reason that the link and contact to participating CEA insurers is vital is to fill in details like condo policies are not valid unless there is a master #EQI policy purchased and owned by the condo parent HOA▶

So when you get around to checking out #EQI for your California dwelling, and there are some 85% of Californians who have not yet opted into #EQI, remember that coordination with you HOA (meaning control) of your purchase is in their hands ▶ For our location in Cobblestone Canyon, 170-unit complex, that control is even more unpredictable because a homeowner vote (condos only) is required by the HOA before #EQI is purchased ▶ Any #EQI vote requires a 50% + 1 majority vote to pass and, even then, if the vote is approved, the policy will never cover more than 50% of the some $60 million value of all 85 of our community dwellings ▶

Our management company has done some preliminary research to find that the "50% coverage" policy may currently run about $20 per month or $240 per year per homeowner ▶ That rate seems very favorable compared to the individual rates that are now quoted by #CEA in this demo, but the HOA-purchased policy only, of course, covers the outside building and common areas of our community ▶  That leaves a need for a secondary and even a tertiary policy, one to cover the interior personal effects of the dwelling and another to cover loss assessment from the HOA that may happen to meet the deductibles of the master policy (remember the 50% coverage factor) ▶

So, the overall consideration of #EQI in California is complicated, even more complicated for those living in HOAs and SBAs like a condo development ▶ Why are we sharing all of this? Mainly because the #EQI issue has again become top of mind for our small community due to the formation of a Disaster Recovery Committee formed by the HOA ▶ That committee has details of their research found a report soon to be shared with the management company and the board of directors ▶

A basic finding of the committee research is that there is virtually no certainty to California homeowners for financial assistance from any outside source should a building disaster occur due to earthquake ▶ HOAs and condo communities are particularly excluded from a sure path to federal or state assistance because there entities are viewed as business operations, not private residential communities ▶ One can argue that point in the opposite direction, but, after all, #EQI is basically a function of risk management and risk management always involved limiting or controlling RISK for insurance underwriters ▶

What better way for the #CEA and the state leaders who want that $12 billion enterprise to survive to seek to limit risk in the marketplace? ▶ So, we end with the observation that the hurdles to condo owners in the #EQI marketplace of California are substantial and not likely to go away anytime soon▶ Which makes all of these bid estimates and other research just an educational exercise that may never find a solution for any condo owner in California without some significant policy changes by state officials about how they view these communities.▶ More on this topic in 1 2 3

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ALTACITIES® by social media archivist ALTALOMAN® is a web moniker for content created and archived in the 'social current see' (SCS) for and about the subject of COMMON INTEREST DEVELOPMENTS, the residential communities of some 68 million people in the USA.

ALTACITIES®, an acronym for "ALTERNATE CITIES", is the web moniker for the neighborhood of sites, blogs and locations created and managed by ALTALOMAN, in reference to our journals and blogging activity when Dee Dee and I were residents of Alta Loma, part of Rancho Cucamonga in Southern California. Of course, we have moved on but these ALTACITIES® remain.

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