LAKE VILLAGE HOMEOWNERS ASSOCIATION, INC.

PO Box 542, Zephyr Cove, NV 89448

Phone: 775-588-4840   Fax: 775-588-7590   Email: lvhoa@lakevillage.com www.lakevillage.com

March 5, 2010

Dear Lake Village Homeowner,

The 2010-11 Budget as proposed by the Board of Director’s in January was ratified by the Membership, including the rollover of 2009-10 budget surplus, at the February 27, 2010 Special Member’s Meeting.

The invoice for your unit’s Annual Regular Assessment and Separate Assessment Areas (SAA) for property insurance and exterior painting, with the monthly payment breakdown, will be emailed to you later today. As a reminder, we do not send out monthly invoices. Pre-addressed payment envelopes are available on request at the Association Office.

The SAA for insurance is currently based on an estimated premium of $254,150 for the property insurance policy on the 326 residential units, which is approximately 10% less than last year. The total residential unit square footage, taken from Douglas County Assessor’s records as of 12/30/08, is 496,262 sq. ft. To arrive at the SAA for insurance for the units, each individual unit’s square footage is multiplied by $.51213.

The actual 2010-11 insurance proposals will be presented this month by several Brokers and the Board will select our Insurance carrier for the upcoming year prior to the policy expiration date of March 31, 2010. Therefore, the SAA for insurance is subject to change, based on the actual cost, once this amount is known. We are anticipating that the completed aluminum wiring and heat tape repairs, as well as the general financial soundness of the Association, will have attracted more insurance providers who will look more favorably at our business. 

It is very important that we have the accurate square footage of each residential unit. If the square footage of a unit/building is understated and an insured loss were to occur, the insurance company could potentially try to limit their coverage to the stated square footage instead of the actual larger size. It is each unit owner’s responsibility to confirm that the square footage shown on Douglas County records is accurate. Please advise the Office as soon as possible if it is incorrect. This could also change the cost of our insurance policy and unit allocation.

If you have any questions about this information, please contact the Office at 775-588-4840.

Thank you very much,

Art Warrell

General Manager