Dear Owners,
Please note that the monthly HOA fees will be increasing by approximately 15% effective January 1, 2024. The 2024 fee schedule and budget can be viewed under the “Documents” section of the website.
Homeowners that pay their HOA fees online or via mailed check will need to begin paying the new amount going forward. If you are currently on auto-draft directly through David Floyd & Associates, Inc., no action is required.
The primary need for the HOA fee increase is to offset the HOA’s increased insurance premium. Nationwide (the HOA’s previous insurance carrier) is exiting the market entirely and did not offer a renewal option. The HOA has experienced two major insurance claims within the last two years, and no standard insurance carriers were willing to insure the HOA. Thus, the HOA entered the surplus lines (high-risk) insurance market, and the annual premium increased by over 400%. Additionally, short-term rental HOAs are less attractive to insurance carriers due to the increased risk associated with short-term rentals. If the HOA does not incur any claims over the next 3-5 years, there is a good chance that a standard insurance carrier will be willing to insure the HOA for a substantially lower premium. The HOA will continue evaluating insurance options and obtaining quotes on an annual basis to help ensure that the HOA has the most competitive policy available.
If you have any questions, please email us at EveOnTheRiverHOA@gmail.com.