Insurance news and information

Tough economic times often force tough economic decisions for apartment and homeowner associations. Board members, eager to trim expenses, will often look to insurance policies for ways to decrease coverage and lower premiums.

Too often associations have claims denied because the coverage they once had was dropped due to budget concerns. Also, many association boards failed to understand critical elements of their policies, leaving them with unnecessary or unknown gaps in coverage. The most common areas that cause trouble for associations include: Read more…

The bills still have to be paid, recession be damned! Yet too often condo associations straddle the line between collection and having their late fee charges deemed unreasonable in an attempt to collect late association fees or other property-related bills.

Associations are allowed to charge reasonable late fees. But the definition of reasonable, and the frequency and application of reasonable, could land your association in hot water should you not lay out your terms from the start. Late fees should not outpace the amount due, nor should they be so high that collection becomes impossible. Many associations assess a $25 late fee, which meets the reasonable criteria.

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When does your association make an exception to the restricted building or property access regulations? When the government is doing the asking.

Once again, the government is ramping up efforts to tally the country’s population. With the 2010 census about to get underway, the US Census Bureau is asking apartment and condo associations to help them reach as many residents as possible. Since participation in the census is a federal requirement, associations need to determine how census workers will gain access, especially in secured facilities. Read more…