Tag Archives: expenses

Penny Wise and Pound Foolish

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.

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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?”

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