Thanks to Hurricane Wilma, which struck us in October 2005, our clubhouse which was barely 3 years old sustained serious roof damage. Our community purchased this clubhouse for $6,000,000. It was insured for this amount, thereby incurring a $300,000 deductible. The clubhouse purchase was for the building and the land surrounding the building, including our parking lot and various common areas which are valuable but empty real estate. I am quite sure that our Board, before this purchase was concluded, had a professional real estate appraiser appraise the clubhouse itself and the surrounding land. Certainly the building should be insured for a sum less than the building and the land. I am quite certain that the replacement value of the building is considerably less than the total we paid for the clubhouse. Therefore, it should be insured for a sum less than $6,000,000, thus, having a considerably lower deductible. In the interests of fairness to the community, I call upon our master board to post a copy of the professional appraiser's report, which I am confident they commissioned before purchase, on the bulletin board in the clubhouse, so that all of us can ascertain whether or not we are overpaying for insurance and thus have a larger deductible than is necessary.

Howard Horowitz