UPDATE on hurricane repair

To all Spinnaker Point Condo Owners:

Just a note to fill you in on what’s been happening with our insurance carrier.

As was announced on April 5th, our special meeting to discuss an assessment was cancelled due to unexpected news from our insurance carrier. We said we would let you more when we knew more.  Finally, this past week, we found out what our insurance company has declared, and it is big news.

The main announcement from our insurance carrier is that they expect us to have all our roofs replaced.

After their adjusters looked over reports, video and still pictures of our properties, they have decided that our roofs are showing signs of damage and they have approved payment to have the roofs replaced. Our policy provides for us to have the roofs replaced “in kind”, or as close to that as possible. If we were to opt out of replacing our current roofs, our insurance company could either drastically raise our premium, or more than likely, would opt out of covering our properties altogether, as they have deemed our current roof as damaged and in need of replacement.

Our roofs were installed after Hurricane Charlie, meaning that the roofs are approximately 20 years old. While they look strong and free of major damage, our insurance company would like us to have them replaced and is covering the cost of replacement, minus our deductible. 

We are in the process of working with 3 roofing contractors to get material options, statements of work, and quotes to have all 6 buildings re-roofed. The current roofs are covered with “stone coated steel” panels, and this type of material is still available, and while the cost of this type of roof is on the high end, our policy will cover the cost. It is our intent to select a contractor that offers the most beneficial options for our community. This will include, but not be limited to, topics such as pricing, warranty, date to start and finish the job, permits, work plans, new wind mitigation reports etc. It is also our intent to make this selection within the next week or two so as to try to have this entire job completed before the upcoming rainy and hurricane seasons are upon us!

Since the cost of the roofing job will take us to our deductible limits, we are also working with the insurance company to include all allowable claims to be added to our original claim. This means that the cost of new gutters, soffits and downspouts should be covered under our policy. We have a meeting scheduled with our insurance broker to correctly direct us on how to accomplish this and possibly have other costs reimbursed as well. We are trying to avoid the assessment that we thought would be needed to pay for repairs to our buildings! Nothing is set in stone yet, as we are still working things out!

We will let you know more as we get more facts, but for now it looks like we will be getting all new, updated, top-of-the-line roofs that meet and/or exceed state and local requirements!

We appreciate your patience while we continue working on these issues.  We will let you know more when we know more.


Spinnaker Point Board of Directors


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