As property insurance rates are somewhat stabilizing in 2022, umbrella liability rates continue rising for common interest communities. New challenges are emerging in the insurance landscape, and it is imperative for board members and community managers to partner with credentialed and experienced professionals who will guide them through this social inflation crisis and will help them mitigate liability claims.
When drafting or amending pet rules in community associations, it’s important to be familiar with local laws. It’s also essential to review your community’s declaration to ensure rules can’t potentially be challenged by an owner as unreasonable.
For more than two years, the COVID-19 pandemic has disrupted every part of our lives. Our society and communities have sustained great damage from multiple ruptures of the social fabric. It’s time for community associations to rebuild trust and bring neighbors back together again.
Federal legislation was introduced earlier this week to provide condominium associations access to insured building rehabilitation loans—a move that would help board members make critical structural and safety-based condo repairs.
Maintenance-free, safety, and cleanliness are top features that make community associations a popular choice and lifestyle for millions of Americans, according to results from the 2022 Homeowner Satisfaction Survey. The overwhelming majority (89%) of homeowners and condominium association residents rate their overall experience of living in a community association as “very good” or “good” (67%), or neutral (22%).
