HOAleader.com - Tip of the Week - November 24, 2017
Published: Fri, 11/24/17
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Filing an Insurance Claim for Your HOA? What to Know
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In this week’s tip, we’re doing what we can to help our readers who’ve been
harmed by one of the many disasters that have hit this country.
It’s critical for those readers—and for all of our readers, frankly—to know
how to file insurance claims. In fact, filing an insurance claim may not be a
straightforward as you might think.
This is something Catherine Smith, PCAM®, CMCA®, AMS, owner of Aperion
Management in Bend, Ore., which manages about 40 condo, HOA, and townhome
associations, is still dealing with today as a result of last year’s
“snowmageddon” in her area.
“We had this crazy winter that brought in huge amounts of snow along with
warming temperatures and freezing temperatures, and we ended up with roofs
collapsing and ice dams,” she laments. “It really gave us a lot of
perspective on insurance issues.”
Here’s our first tip on how to document your damage, then what to and what not
to do when filing an insurance claim”
1. Start well before a disaster by ensuring you have the coverage you think
you have. “The catastrophe that doesn’t have to happen is that associations
don’t have coverage for things they think they have coverage for,” asserts
Elizabeth White, the community association law practice leader at Sands
Anderson PC in Richmond, Va. “A lot of policies will exclude flooding or
require you to have an endorsement to cover flooding. So it’s important to
understand what’s in your policy and whether you need additional coverage.
“I know for a lay person to look at an insurance policy today, it can appear to
be designed to be confusing,” states White. “There’s often a general
summary page at the front that looks like you have coverage, but there are
exclusions later in the policy. It’s critical to really understand what’s
in the insurance policy.”
Smith agrees. “This begins long before the disaster,” she says. “You have to
make sure your limits are appropriate to cover your property. We’ve had huge
increases in property values in the last three to four years in our area, so
make sure the limits of your policies reflect current property values.”
“The other thing you need to do is to make sure your coverage meets the
requirements of your governing documents,” adds Smith. “We took over
representation for a townhouse association, which is responsible for
repair and replacement of the buildings. But the owners are responsible for
interior maintenance and insurance.
“There have been all kinds of leaks because of the snow, and owners assumed
the association had insurance,” states Smith. “But the documents don’t
allow the association to insure that property. We brought in a lawyer to go
through everything ahead of time to ensure the owners had the coverage they
needed. Then it’s also important to have the owners share their
certificates of insurance with the association.”
Get seven more tips in our new article:
https://www.hoaleader.com/members/3640.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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8 Post-Disaster Tips: How to File a Successful Insurance Claim for Your
Condo or HOA
In the wake of entirely too many disasters, many of which have harmed our
readers, it's critical to know how to file insurance claims for such
unexpected damage. In fact, filing an insurance claim may not be a
straightforward as you might think.
Click here to read full article:
https://www.hoaleader.com/members/8-PostDisaster-Tips-How-File-Successful-Insurance-Claim-for-Your-Condo-or-HOA.cfm
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How Not to Count Your HOA Ballots
An HOAleader.com reader writes, Our POA (Texas) set a day to have deed
restriction ballets turned in. Then when they did the ballet counting, they
said names and addresses of residents out loud along with how they
voted--yes or no.
Click here to read full article:
https://www.hoaleader.com/members/How-Not-Count-Your-HOA-Ballots.cfm
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If Your HOA Must Limit Dues Increases, Is This an Acceptable Workaround?
An HOAleader.com reader writes, "About four or five years ago, per the
property manager, the HOA divided the assessment into two parts, one for
regular dues and one for utilities. This was done to circumvent the HOA
declaration. The declaration states that any amount over the consumer
price index must be approved by the vote of the association. The property
manager just admitted this in the annual meeting. They just raised the HOA
dues by 15 percent with no vote."
Click here to read full article:
https://www.hoaleader.com/members/Your-HOA-Must-Limit-Dues-Increases-This-Acceptable-Workaround.cfm
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Tired of Playing Whack a Mole with Owners on HOA Rental Rules?
This week's tip should help you rein in those ever-more crafty owners who are
doing an end run around your HOA rules prohibiting short-term rentals.
Click here to read full article:
https://www.hoaleader.com/public/Tired-Playing-Whack-Mole-with-Owners-on-HOA-Rental-Rules.cfm
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Make Your Job Easier: Say Yes to an HOA Board Code of Conduct
Even the most conscientious board members can become stumped on how to
proceed in difficult situations and uncharted territory. And let's face
it: Some board members might be embarrassed to ask for advice for fear
they'll look uninformed or even because they're afraid others might get the
wrong impression about their intentions. You can help your HOA board
avoid that type of situation by providing guiding principles for board
members' conduct. But what should go in your board code of conduct?
Watch this in-depth webinar led by two community association lawyers who
advise boards every day on the proper and wisest conduct for all parties who
operate within an HOA.
Click here to read full article:
https://www.hoaleader.com/products/hoa-board-code-of-conduct-b.cfm
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