GSP Lower Insurance Assessment

December 7, 2021
Treasurer Update
Lower Insurance Assessment
For Immediate Release

All,

Because hurricane insurance is volatile and subject to change, your Board decided to separate hurricane insurance from HOA fees. This ensured any Board, including this one, would be prohibited from retaining monies intended exclusively for insurance. When we created the budget only a few weeks ago we were unaware the completion of Building 4 and the Nest would be delayed beyond January 2022. This was horrible news to share with the owners in building 4 and those with snowbirds expecting to use the indoor facility. The only silver lining is we will realize a benefit from a lower premium associated with builder’s risk insurance. While the HOA fees will remain unchanged from the approved 2020 budget, the estimated monthly insurance assessment will drop from $330 per month on a 2BR to $204 and from $220 per month on a 1 BR to $136. As you are aware, when we take over insurance at the completion of the project, we will create a new assessment based on our actual cost going forward. For now, this provides some relief for our owners, especially those in Building 4 that will have to wait even longer before occupying their condos.

Wendy Blevins
Community Association Manager
Gulf Shores Plantation-East
251-222-3758
[email protected]