Tag: Community Association Insurance

A recent survey conducted by the Foundation for Community Association Research found almost half of the community association respondents didn’t have policies and procedures in place to safely collect and store homeowners’ personal data. This week, we’ll explore why that’s a problem. It’s true that associations often operate on the more low-tech side of things,…

A recent survey conducted by the Foundation for Community Association Research found that almost half of the community association respondents didn’t have policies and procedures in place to safely collect and store homeowners’ personal data. That’s a problem. It’s true that associations often operate on the more low-tech side of things, but that doesn’t mean…

This is Part 2 of a 2-part series. Read Part 1 here: In April, we discussed the numerous benefits associated with allowing owners to make payments online, as well as how managers can overcome resistance to the change from boards of directors. Now we have some advice for managers to smooth the transaction once they’ve…

Everyone recognizes the critical roles outdoor lighting plays for a community, from improving security and visibility to enabling nighttime activities and enhancing “curb appeal.” So the related expense generally is viewed as a necessary evil. But your clients might find they could reap substantial savings by upgrading to LED, or light-emitting diode, lighting. LED Advantages…

This week, we take a look at the results of survey of almost 650 HOA members, drilling down into the details to learn how much they think their HOAs help, or hinder, them. One of the keys to effective community association management is meeting and beating member expectations — so it sure would help to…

One of the keys to effective management is meeting and beating community association member expectations — so it sure would help to know what your members think about their associations. The website insurancequotes.com has provided a valuable peek into the minds of HOA members with their results of their recent “Honest About HOAs” survey. The…

Although in many parts of the country, planned community and condominium residents are battling snow and freezing temperatures, spring and summer—with warm weather and opportunities to get active—will be here soon enough. And some communities experience soaring heat year round, like those in association-prevalent states such as Florida. Many members invite guests into the community and host seasonal parties or activities in warm weather. You may even provide association-sponsored summer fun.

Q: The board of the association I manage is trying to reduce costs for operating the community. One way to do this would be to drop an insurance policy for specific risks, like flooding. What is the risk for the association of not providing this type of insurance?

Facts: An association maintained flood insurance for five of the buildings in its multi-building property. All five buildings were in flood zones as designated by the Federal Emergency Management Agency (FEMA). The association later decided not to renew the flood insurance policy, citing concerns regarding cost and the allocation of the expense among the other members of the association who lived in the non-flood exposed buildings.

Having the right kind of insurance and enough coverage under an insurance policy is key to operating an association. After all, insurance can protect the association from liability that might financially sink the community if costs for repairs, lawsuits, and accidents had to come out of pocket. But community association insurance is specialized. And not all insurance agents and brokers are really qualified to recommend insurance products, work with the association to determine its insurance needs, and keep up with changing insurance requirements as time goes on.