HOAleader.com - Tip of the Week - April 10, 2009
Published: Fri, 04/10/09
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How to Be Certain Your HOA Isn't Underinsured
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This week's tip is taken from a new article on avoiding HOA
insurance mistakes.
Some states, like Florida, require associations to have certain
levels of coverage. If you're in a state that has coverage
minimums, ask your agent to certify in writing that your
association meets the legal minimums.
"Make sure your agent provides you with a letter stating that
the insurance provided meets the requirements of your governing
documents and the law," recommends Bob L. Tankel, principal at
Robert L. Tankel P.A. in Dunedin, Fla., a law firm that
specializes in advising associations.
"That doesn't make me popular with my insurance agent friends,
but there's case law in Florida in which an insurance agent was
found liable when he recommended a certain level of coverage, a
loss occurred, and the insured was underinsured. Laws governing
corporations say that boards are entitled to rely on people they
believe are experts, so that's a good defensive practice."
For more on protecting your homeowners or condo association from
insurance missteps, go to: http://www.hoaleader.com/members/264.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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HOA Insurance Mistakes: Steer Your Homeowners Association Clear
of These Insurance Pitfalls
One simple mistake can become costly when it involves insurance.
You could end up overpaying for coverage you don't need--and who
has extra money to throw away in this economy? Or you could learn
that you don't have the coverage you thought you did when faced
with a costly repair. Here, experts identify the mistakes
associations can make when it comes to insurance and offer tips
for avoiding the missteps.
Click here to read full article:
< http://www.hoaleader.com/members/264.cfm >
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HOA Finances: Don't Rely on Special Assessments for Major Repairs
If You Can Help It
Because many people are hurting financially right now, your
homeowners association board might be considering whether or not
you should underfund your HOA's reserves. After all, if you ever
need to make a major repair, you could make up for a shortfall
through a special assessment. No harm. No foul. Right?
Click here to read full article:
< http://www.hoaleader.com/public/260.cfm >
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HOA Reserve Funds: The Pros and Cons of Underfunding Reserves
Some boards stop funding--or underfund--their homeowners
association reserves as a way to easy the burden on homeowners
during difficult economic times. Is this a smart move for your
HOA?
Click here to read full article:
< http://www.hoaleader.com/members/259.cfm >
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HOA Budgeting Tips
As part of a new article on best practices for a smooth budgeting
process, HOA attorney Sima L. Kirsch gave us her suggestions for
HOA boards when budgeting. This week's tip is to follow these
core ideas in your budget process.
Click here to read full article:
< http://www.hoaleader.com/public/261.cfm >
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HOA Finances: Best Practices for a Smooth Budget Process
Here, Sima L. Kirsch, a principal at the Law Office of Sima L.
Kirsch P.C. in Chicago, provides tips for creating a budget
process that works well for nearly all associations.
Click here to read full article:
< http://www.hoaleader.com/members/258.cfm >
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