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?

Management specialist: CAI celebrates milestone designation

Management specialist: CAI celebrates milestone designation

Managers who earn CAI’s Association Management Specialist (AMS) designation demonstrate a higher level of commitment to their career and the community association industry. Kimberly Anne Mosey, CMCA, AMS, a community association manager with KC Property Services in Huntington Woods, Mich., recently became the 11,000th person to earn the AMS designation.

Insurance challenges: Communities facing rising umbrella liability rates

Insurance challenges: Communities facing rising umbrella liability rates

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.

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