During this tough economy, associations are looking for ways to trim expenses; but opting out of insurance coverage is not a prudent choice. In my opinion, even the smallest homeowners’ association needs insurance coverage. If an HOA owns any property, then there is a risk that a resident, visitor or guest could be injured or hurt on that property. Insurance claims are rare, but it is too risky to consider going without coverage.
In this week’s tip, we explain how helping owners with routine maintenance can reduce your HOA’s expenses, liability, and disputes among owners.
A Katy homeowners association is suing over claims its treasurer abused his position of trust by taking money from association coffers to pay for personal expenses.
Authors: Community Associations Network National
Now that it’s budget time for many associations, boards are updating their reserve studies. Still, many others have never had a professional reserve study and are now considering investing in having their first independent study done. Questions arise such as “what is the purpose of a reserve study?” “what are the benefits to the association?”, or “How do we go about getting a reserve study conducted for our association?”