Understanding the options: 7 steps to consider as communities face skyrocketing insurance premiums

Understanding the options: 7 steps to consider as communities face skyrocketing insurance premiums

Over the past year, most of the country has felt the effects of a hardened insurance market. Community associations are seeing fewer insurance options, experiencing more scrutiny regarding what insurance companies will write, and getting forced to find coverage more often in the surplus lines market. As community associations look at their insurance premiums and consider renewal, experts recommend seven steps for finding the best coverage.

Corporate Transparency Act: Sweeping federal law requires community compliance

Corporate Transparency Act: Sweeping federal law requires community compliance

Community associations must take seriously new mandatory filing requirements under the Corporate Transparency Act, legal experts advise. Existing community associations must comply with the law’s reporting requirements by Jan. 1, 2025. New community associations have 30 days after incorporation to file. Information also must be updated following changes in governance such as the election of directors.

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