Reserve study standards: New guidance incorporates preventive maintenance, structural inspections

Reserve study standards: New guidance incorporates preventive maintenance, structural inspections

Community associations should incorporate preventive maintenance and structural inspections into their reserve studies—the important budget planning tools that identify the components a community association is responsible for maintaining or replacing, indicate the status of the reserve fund, and provide a stable and equitable funding plan to offset anticipated future major common area expenditures. The recommendations are part of new Reserve Study Standards released by Community Associations Institute (CAI), the leading international authority on community association governance, management, and education.

Insurance coverage: Communities report significant challenges with rising premiums

Insurance coverage: Communities report significant challenges with rising premiums

More than 90% of respondents in a recent survey conducted by the Foundation for Community Association Research reported that their property and casualty insurance premium had increased at the last or current renewal with 24% citing an increase between $101 and $500, and 14% citing a larger increase. Eleven percent of respondents indicated that their property and casualty coverage was canceled or not renewed.

HOA assessments: What they cover, why you need to pay, and what happens when you don’t

HOA assessments: What they cover, why you need to pay, and what happens when you don’t

Much like local, state, and federal governments collect taxes to fund public services and programs, assessments are part of living in a community association. Homeowners have a responsibility to pay their assessments on time. Unfortunately, some owners refuse to pay or can’t pay assessments. What does that mean for the community? And how should board members respond?

Pin It on Pinterest