The signed 2026 Statement of Values uses $164 per residential square foot. The question is whether that number is enough to rebuild the property the Association is required to insure.
The signed August 28, 2026 Statement of Values lists $26,985,216 for the residential buildings and uses the same $164 per living square foot value throughout Cantrice Court. It also lists $5,723,200 for garages, for a total stated value of $32,708,416.
The issue is whether the number used in the SOV is high enough.
Open the signed Statement of Values →The amended CC&Rs require the Association to maintain fire and casualty insurance for not less than 100% of current replacement cost, without depreciation, for the Condominium Buildings, Condominium Common Area, and other covered improvements.
The minimum required scope is what the amendment calls “bare walls.”
The amendment excludes interior items such as flooring, cabinets, fixtures, improvements, and personal belongings. Those are the kinds of items owners should protect through their own condominium coverage.
Owners being responsible for their interiors does not make owners responsible for rebuilding the Association-insured building structure. The Association still has to insure its own portion at current replacement cost.
The SOV uses a uniform $164-per-square-foot residential building value across the community. That makes the valuation methodology important: owners should be able to see what professional replacement-cost analysis supports that number in 2026.
The Helix excess policy contains a 110% Margin Clause. For any one building or structure, Helix says its liability under that policy cannot exceed 110% of the individually stated value shown in the latest Statement of Values or other valuation information on file, subject to the policy's other terms and limits.
In other words: a large headline policy limit does not make an understated building value harmless.
The excess layer improved the headline amount. The remaining problem is whether the values underneath the program reflect the actual current cost to rebuild the Association-insured property.
Obtain a current professional replacement-cost appraisal specifically for the property the Association must insure under the amended CC&Rs.
Identify who produced the $164 figure, when it was calculated, what reconstruction costs were included, and what was excluded.
If the independent valuation is higher, correct the SOV and have the broker and insurers confirm the revised limits and building values in writing.
Lists each building, square footage, building replacement cost, garage replacement cost, the uniform $164-per-square-foot residential building rate, and the $32,708,416 total stated value.
Requires not less than 100% of current replacement cost for the Association-insured property and defines the minimum coverage scope as “bare walls.”
Current underlying property policy and declarations.
Issued excess policy, including the $9,806,516 layer, attachment point, Margin Clause, and other policy terms.
The SOV exists. The amended CC&Rs are known. The owner/Association split is known. The unanswered question is whether $164 per residential square foot is a defensible 2026 replacement-cost value for the property the Association is obligated to insure. That should be resolved with an independent professional valuation before a major loss tests the number.