One of the more confusing concepts in HOA world is insurance and knowing when to submit a claim. All too often associations get in trouble for failing to submit claims and requiring an owner to pay for damages out of pocket instead of using insurance proceeds. In this article, we will discuss how to determineGo to Newsletter
Maintenance & Insurance Resources
Understanding the difference between a maintenance obligation and an insurance obligation is a crucial part of community living. Maintenance and insurance obligations differ between associations depending on how the governing documents are drafted whether the association is classified as a condominium, townhome, or single family community. It is important that an association understand the differenceGo to Newsletter
Unfortunately, we continue to see major increases to insurance premiums in Colorado, and for some communities, insurance has become practically unaffordable. In fact, it is no longer unusual to see annual premiums ranging between $600,000 and $800,000 for some associations, with no sign of relief in the near future. So, what are associations to doGo to Newsletter
An association’s, and owners’, maintenance and insurance obligations are typically set forth in the declaration. The Declaration is also referred to as the “CC&R’s”, “Covenants”, and the “Declaration of Covenants, Conditions, and Restrictions”. But have you ever tried reading a declaration to determine who has to fix what? If so, you will probably agree thatGo to Newsletter
If you haven’t looked at your insurance in the past year, you may be saying what?!? when you do. While it has always been a necessary evil, it is something that both individuals and associations alike must obtain, and never before has it been so expensive or near impossible to secure. Insurance provides protection forGo to Newsletter