Search

How much do you know about community association insurance? Every community’s bylaws and declarations include requirements to provide homeowners association insurance coverage, and Board members have a fiduciary duty to protect the best interest of their HOA and owners. Additionally, associations are under pressure to find the least expensive homeowners association insurance options available. But there is a caveat – in community insurance, as in most things, buyer beware – not all policies are alike, and if you neglect certain types of coverage, you may end up paying a much higher price.

Keeping your homeowner association (HOA) or community association’s finances healthy works the same way as staying physically fit: don’t overindulge and make smart choices. And the upside is that the only thing you’ll have to exercise is good judgment. Here are some tips to help you do just that.

Vendor management is a large part of serving on the board of a managed community. Every community has outside partners for services like landscaping, sanitation, cable and Internet provision, pool maintenance, valet services and more. Open and effective communication among the board, the management company and the vendors employed by the association is an important part of making the most of any community’s operating budget and improving the lifestyles of its residents.

Life in a high-rise property has its rewards. With great amenities, good security, and even concierge services, there are many advantages that are specific to just this kind of lifestyle. Similarly, there are specific requirements when it comes to insuring it, too. High-rises often have multiple residences, each with their own policies, plus shared common spaces, which also require coverage. Here are a few areas to help you determine if you and your high-rise community is adequately covered.

Your Board of Directors oversees the many day-to-day tasks required to operate and maintain your community…but they can’t do it alone. Your property management team will be expected to hire a wide array of vendors, including painters, plumbers, electricians, landscapers, repairmen for equipment maintenance or emergencies, exterminators, and more.

Living in a residential community means around-the-clock routine maintenance to preserve the community and its assets. But there comes a time when one of your assets will reach the end of its useful life and require a replacement or significant repairs.

It’s the typical budgeting dilemma for community association boards: How do you keep assessment fees manageable and still maintain the community’s operations?

There’s a lot to love about living in a community with a homeowners association (HOA). The amenities. The sense of belonging. The high aesthetic standards. But none of that happens without stable finances. With that in mind, here’s the bottom line on financial best practices for your HOA.

If your community is professionally managed, consult your property management company for more information – a quality firm can leverage its budgeting and financial experience to provide guidance. But to get you started, we’ve compiled some information about the Consumer Price Index – what it is and what you need to consider before you get started.

Board members have a fiduciary duty to protect the financial interests of both their homeowners association and fellow residents – and that includes ensuring that their HOA’s operating and reserve funds are properly managed, invested and protected.

Preparing your association’s annual budget...it can be a source of stress, but more importantly, it’s a valuable opportunity to ensure the financial well-being of both your association and homeowners. Proper association management hinges on this financial tool for both short-term and long-term planning, so it’s important to follow some guidelines.

As consumers, we’re familiar with saving money by purchasing products like food and household goods in bulk. But, can this same savings model be applied to the purchases and operational costs of a homeowner association (HOA), condominium or community association?

As a community association board member, the countless hours you volunteer go toward assisting with a very important objective – creating a safe and vibrant community. In many cases, this means assessing your association’s insurance policies to guarantee that your community is fully covered, appropriately insured and receiving the best value for the cost.

Swimming pools are one of the most common, and most desirable, amenities in communities. Making sure to have proper community pool insurance coverage.

During these unprecedented times, residents are spending the majority of their time at home to prevent the spread of COVID-19 and protect themselves and their loved ones from infection. One of their primary contact points with the outside world is in your HOA or condo common areas, where they can be at risk of contact with lingering coronavirus or even spread existing virus to other areas of the property. Read on for a comprehensive list of places to clean and how to clean them.

Whether your HOA is self-managed or professionally managed, getting started on your fall and winter prep will help keep your operations running smoothly as the seasons and temperatures change – and that will keep your residents happy as well.

Maintaining your buildings’ assets is not a one-size-fits-all proposition. The common areas require a broad range of routine maintenance and repairs to keep them looking good and operating smoothly.

Whether your community is self-managed or professionally managed, maintenance is a big part of the day-to-day responsibilities. It’s a responsibility that can quickly become overwhelming, especially when you walk in on a Monday morning to a list of what went wrong over the weekend.

No one wants to find mold in their home or any association building. Unfortunately, mold is ubiquitous – it’s in the air and in the water, and when given the chance, it spreads like crazy. Learn steps to prevent mold or to have it assessed and properly treated, preserving your buildings and the health of your residents.

It’s a term that gets tossed around quite a lot. But “conflict of interest” is a real and genuine threat to your association and its proper stewardship. Understanding what the term means – as well as how to recognize and avoid conflicts of interest– can go a long way toward ensuring the strength and stability of your community and eliminating many concerns.

While exclusive communities like the Hamptons or Malibu will always be attractive locations for affluent vacation home buyers, several new trends are emerging in the growing second home market.

FirstService Residential's Bill Worrall discusses the hidden costs of DIY maintenance and repairs and provides great insight into how boards can determine what can be done in house and what should be subbed out to appropriate contractors.

In our guide to capital improvements , reserve studies and their relationship to capital improvements and preventive maintenance were discussed at length.