by Daniel Brannigan | Jul 13, 2023 | CAI, Community Associations
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.
by Guest Author | Jul 7, 2023 | CAI, Community Associations
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.
by Hazel Siff | Apr 27, 2023 | Community Associations
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.
by Joni Lucas | Apr 5, 2023 | Community Associations
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?
by Hazel Siff | Mar 20, 2023 | Community Associations
Community associations in California are staring at skyrocketing insurance premiums. Some are facing increases of as much as hundreds of thousands of dollars per year. Community finances are being strained and, in some cases, it’s become impossible for new buyers to secure mortgage lending.