013 | HOA Board Heroes: Insurance Nightmare to HOA Victory

HOA Insights: Common Sense for Common Areas

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From insurance nightmare to HOA victory, learn how HOA Board Hero Gabriel saved his community $1000s in insurance.
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Today, we get back to spotlighting the unheralded heroes of Homeowners Associations (HOAs) who take on thankless yet crucial roles within their communities. Today, we bring you an inspiring story that underlines the significant difference dedicated board members can make.

Meet HOA board hero Gabriel, an elected volunteer serving on the board of Westlake Point, a townhome community in Westlake Village, California. Gabriel, an experienced real estate professional, found himself in the thick of an insurance nightmare that threatened the financial stability of his community. In the aftermath of the devastating Woolsey Fire, Westlake Point's insurance premium skyrocketed from $60,000 to a staggering $624,000, forcing a heavy special assessment on the residents and draining the reserve funds.
In this episode, Gabriel candidly shares the fascinating journey he undertook to resolve this crisis, demonstrating a remarkable display of leadership, strategic thinking, and perseverance. If you've ever wondered what the power of a determined and caring HOA community member can achieve, you're in for an uplifting ride. From navigating tough decisions to inspiring his fellow residents, Gabriel's tale is a testament to the role effective HOA board members play in fostering thriving, resilient communities.
Chapters from today's episode: Insurance Nightmare to HOA Victory:
00:00 Empower yourself with the decisions that you are able to make.
01:15 What comes to your mind when you hear the words “thankless job”?
02:52 What first motivated Gabriel to get involved with the governance of his HOA?
05:17 Gabriel’s favorite and least favorite aspects of serving on the HOA board.
09:39 When the current board had not made a special assessment, but the past board did.
11:23 The importance of having a healthy working relationship between HOA board members and the professio

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Chapters

1. Empower yourself with the decisions that you are able to make. (00:00:00)

2. What first motivated Gabriel to get involved with the governance of his HOA? (00:01:15)

3. Gabriel’s favorite and least favorite aspects of serving on the HOA board. (00:05:17)

4. When the current board had not made a special assessment, but the past board did. (00:09:39)

5. The importance of having a healthy working relationship between HOA board members and the professional manager. (00:11:23)

6. The Woolsey Fire and the resulting insurance challenges facing the community. (00:14:05)

7. What are the HOA insurance nuances in California right now? (00:17:47)

8. Gabriel’s advice for those considering volunteering for your HOA board. (00:19:13)

9. Support Common Sense For Common Areas. (00:23:27)