Established
The signed 2026 SOV totals $32.708M and uses $164/sf for residential buildings.
Publication method: This page separates verified policy/document facts from statements made in correspondence. The public exhibit omits unnecessary routing data, repeated nested thread text, and unrelated contact details.
WHAT CHANGED ON SEPTEMBER 24
The Board President supplied new numbers.
At 10:40 a.m., Board President Mark Reynders wrote that, according to multiple insurance agents, the Association had been told: State Farm satisfies the CC&Rs' 100% replacement-cost requirement; bare-walls replacement cost was $34 million; another bare-walls figure was $38.8 million; and the final replacement cost can depend on the quality of reconstruction and insurer methodology.
He then presented a stated coverage calculation of approximately $22.6M State Farm + $4.5M Extra Replacement Cost + $2.2M Increased Cost of Construction/Demolition + $9.806516M Helix = $39.204326M.
This is important evidence, but it is not self-proving. The $34M and $38.8M figures are the Board President's report of what agents said. The underlying written valuations have not been produced in this exchange. The $39.204M figure is his policy arithmetic and must be checked against the actual endorsements.
THE POLICY CHECK
One part of the $39.204M arithmetic is not ordinary extra replacement-cost capacity.
The State Farm form reviewed for the current policy describes Increased Cost of Construction and Demolition Cost as an ordinance/law extension. It expressly states that payment under that extension does not increase the applicable Limit of Insurance. That makes it materially different from simply adding another $2.2 million of unrestricted building replacement coverage.
The declarations also list CMP-4828 Extra Replacement Cost, but the applicable endorsement must be reviewed to know its exact percentage, conditions, prerequisites, and interaction with Helix.
Therefore: the Board President's $39.204M figure should be described as a Board-stated calculation, not as established available replacement-cost proceeds, until the endorsements and broker/carrier explanation support that stacking.
THE INTERNAL VALUATION RECORD
The current $32.708M SOV is now surrounded by materially higher Association numbers.
Aug. 2026 signed SOV$32.708M
Board-stated bare walls$34M
Board-stated bare walls$38.8M
Board-stated calculation$39.204M
Association earthquake disclosure$42.217M
Reich discussion cited by owner~$44M
The Association's 2026 insurance disclosure lists an earthquake limit of $42,216,921. The 2024 earthquake policy reviewed for this site states that the premium was based upon a September 5, 2024 Statement of Values and/or insurance application. The September 24 clarification also cites an approximately $30.56M 2017 earthquake/flood SOV and an approximately $44M Reich discussion.
Scope caution: these figures are not automatically apples-to-apples. Different policies may cover different perils and use different property scopes, deductibles, limits, and valuation rules. The evidentiary point is narrower: they concern substantially the same condominium community and create a legitimate need to identify what property and assumptions produced each value.
PERIL IS NOT THE SAME THING AS PROPERTY VALUE
A different cause of loss does not automatically make the underlying property a different valuation universe.
The September 24 clarification draws a useful distinction: the peril is what causes the damage; the Statement of Values is what the property is valued at. Earthquake, fire, and flood can produce different losses and different insurance terms. But where policies address the same buildings, garages, and common property, a large change in stated property value warrants an explanation of scope and methodology rather than a dismissal based only on the peril name.
WHAT THE RECORD NOW SUPPORTS
The website should make the strongest case without overstating it.
Established
The Association disclosure lists a $42.216921M earthquake limit, and the 2024 earthquake policy ties premium to a Sept. 5, 2024 SOV/application.
Board statement, not yet underlying proof
The Board President reports $34M and $38.8M bare-walls figures from agents and presents a $39.204M combined calculation.
Still missing
The written Reich quote/valuation, the Sept. 5, 2024 SOV/application, the professional basis for $164/sf, and the applicable CMP-4828 endorsement.
The clean documentary position: the Association does not need to accept an owner's valuation. It should reconcile its own valuations and produce the professional work supporting the number it actually submitted to the current insurers.
Read the updated public excerpt and source documents.
September 24 Valuation Reconciliation - Public ExcerptBoard statements, policy-arithmetic response, valuation-history clarification, and the unresolved questions.Open PDF →Association 2026 Insurance DisclosureShows the $42,216,921 earthquake limit.Open PDF →Property Insurance ReviewFull SOV, State Farm/Helix structure, Margin Clause, broker record, and valuation analysis.Open Insurance page →
Why this is stronger than the earlier argument
The earlier website case leaned heavily on the $164/sf SOV and outside construction-cost benchmarks. Those remain useful reasonableness checks. The September 24 record is stronger because the central comparison is now increasingly internal: the Association's own insurance disclosures, policies, Board statements, broker work, and signed SOV contain materially different numbers that can be reconciled through documents rather than opinion.