Community associations are typically required to maintain some level of insurance to protect the association, its members, and shared assets from the risk of financial loss. These requirements are shaped by governing documents, laws and regulations, lender requirements, and best practice. One of the most common — and consequential — questions in community associations is about how insurance responsibilities are divided. Who covers what?
Generating adequate reserve funding in your community can seem like a daunting task, but doing so is a necessary step in providing for ongoing preventative maintenance and structural inspections and repairs, and safeguarding your community’s future. An Iowa community association was forced to tackle their reserve funding head on when faced with severe maintenance challenges they couldn’t afford.
A carefully written investment policy should keep community associations on a straight and narrow path, say professionals who advise them. At Ford’s Colony Homeowners Association, a 2,600-home community in Williamsburg, Va., a finance committee of volunteers uses an investment policy to advise the board.
As we mark the third anniversary of the Champlain Towers South tragedy in Surfside, Fla., CAI honors the memory of the victims and reiterates its commitment to promoting safety and resilience within community associations. CAI remains dedicated to providing education, resources, and support to community associations to protect the lives, well-being, and investments of all community residents.
When the Champlain Tower South condominium in Surfside, Fla., partially collapsed three years ago this month, Daniel Gonzalez was in bed just an hour away in Boca Raton. His immediate reaction was to commission a structural inspection on their nearly 50-year-old building. Gonzalez advises managers and boards facing the recertification process to be hypervigilant about structural maintenance.
