By Sam Richards

Staff writer

(Thursday, Oct. 12, 1:15 p.m.): While the GRF Board adopted its 2024 operating budget about two weeks ago, Rossmoor’s Mutual boards have been busy crafting their own 2024 budgets, which will determine both the Mutuals’ share of residential coupons for 2024 and the amount of property insurance premiums residents will pay.

And Jeroen Wright, GRF’s Mutual operations director, said many Mutuals can expect an approximate 60% property insurance cost increase from this year.

Wright said Mutuals optimally should have their budgets approved by their respective boards by Oct. 31.

“Right now, it’s just crazy with budget meeting after budget meeting,” he said last week.

Rossmoor’s insurance broker, A.J. Gallagher, has said GRF’s “master policy” property insurance premium is expected to go up by 34.6% in 2024, according to the 2024 draft GRF operating budget. That jump is a function of a worldwide insurance industry in crisis thanks to a INSURANCE: Several factors determine each Mutual’s costs

plethora of expensive disasters nationwide and globally.

That master policy covers all Mutuals except for 58 (the Waterford) and 61, which go through their own insurers. Under that master policy, each Mutual is responsible for its own share of the insurance costs.

While the GRF portion of the coupon is equally divided among all residents, each Mutual pays for its own share of the coupon and for its portion of the master policy premium.

Wright said all Mutuals pay different property insurance premiums, based on several factors including building ma-terials and wiring; overall fire resiliency and whether there had been insurance claims in that Mutual; and how many, in the recent past. All residences within a given Mutual pay the same amount.

In addition to the GRF “master policy” property insurance premium costs, the Mutual portion of coupons vary based on the Mutual maintenance needs for individual Mutuals.

The GRF portion of the coupon includes payments for TV and internet, security, the common-area facilities including the clubhouses and the Tice Creek Fitness Center, bus transportation and other amenities.