I commend you for taking a good look at the HOA documents and noting the reserves. It is a good sign that the HOA has been proactive and taking preventative measures. Termite activity is inevitable in most homes in San Francisco and there are many excellent termite companies to choose from. I recommend Lingruen or Markoff for any work that needs to be done. They are thorough and fair.
Termites, and the evidence of their activities working against a building, are common in SF. There are other MORE common pests that assault SF homes and buildings, namely boring beetles and mold are things you'll see more reports of.