Collections policies help ensure that all owners are treated equally and are contributing fairly. Simplify the process by following this general framework for a collections policy.
Quite recently, two of the largest residential property insurance companies announced major cutbacks in California, and many HOAs are now experiencing skyrocketing property insurance rates. Here are some tips to simplify your property insurance with a “bare walls” approach.
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.
Community associations are familiar with the challenges associated with long-term home rentals and have become well acquainted with short-term rentals over the past few years, but a new trend in the sharing economy has been making waves recently: rentals for residential components such as swimming pools.
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.
