We've all noticed by now that our phase assessments have or soon will increase. Phases now must budget about several times what they did last year to insure our buildings. The Cedar Run Concerned Homeowners are outraged about these increases, and we believe all homeowners should know why this has happened.
In our blog entry from August 13, 2013 entitled The Truth About Our Insurance, we explain how Cedar Run has always been insured under one 'Umbrella Policy' that includes the Master Board and all phases. This insurance policy was paid from the Master Board portion of your assessment. As of July of this year, Robert Sher has ended this. The Master Board stopped paying for insurance for your building and the phases were left to find their own insurance. Sher once again 'spins' this as a cost cutting measure. As you can see by your phase's budget, it is NOT.
You can expect the next propaganda letter or speech from Robert Sher to blame these phase assessment increases on everyone but himself (Alma, APM, phase directors, the banks, Bloomberg, The Partridge Family.....etc). The truth is that Robert Sher had been planning this for months. If you read the letters he sent out as far back as December 2012 (letters will be posted on this site soon), he repeatedly stated that the Master Board would no longer cover phase insurance. Around that time, he even (falsely) told some homeowners that their phase had already been dropped from the insurance policy.
We also pointed out in our August 13th blog entry that Sher even filed a lawsuit against the phases where he argued that the Master Board should not cover any phase's insurance.
Why is this important to you? Two reasons...
First, the umbrella policy (all phases under one insurance policy) costs much less than separate policies for each phase. Just like bundling your home, first car, second car, boat, etc. into one insurance policy, the umbrella policy saves a great deal of money....with 11 phases being bundled, the savings really stacked up.
Second, your Master Board, under Sher's direction, is still collecting money from you that should be paying your building's insurance. This has been the case since July 2013. Now that your phase has to cover these costs, you are being charged twice.
Do remember from his September letter that Sher bought a bare minimum insurance policy for the Master Board with NO LIABILITY COVERAGE!!
Once again, we have another example of Robert Sher claiming to save money, but really just passing the cost (now a higher cost) onto homeowners through their phase assessments. It's no wonder the Master Board has $300,000. Sher stopped providing services, but continues to collect money for those services. Is he giving himself a pay raise every time he 'saves us money' in such a way?
Another budget year is here.
The Master Board should have made a budget to justify the assessments
they are collecting. Do you think they will prepare a budget and
deliver it to homeowners? If history is any indication, probably not.....
We'd love to hear feedback from homeowners. Feel free to email us at restoreCR@gmail.com,
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