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Insuring for Disasters: HOA Budgeting and Planning

The recent hurricanes in Texas and Florida have many of us thinking about what we would do in a catastrophe. For association boards, insurance is the front line of disaster preparedness. But it’s also expensive, and boards planning their budgets have to make tough choices. As insurance is usually one of the largest line items, boards should review this annual item for changes, accuracy and cost.

Effective Communication Is Necessary When Managing an Emergency

Communication is one of the most important and overlooked aspects of disaster management within homeowners associations. In fact, communication failure is the most predictable problems in post-disaster reviews

When Disaster Strikes: Emergency Planning for Community Associations

Disasters, natural or man-made, occur with alarming regularity. Without proper planning, small events can become overwhelming and burdensome for a board of directors and the affected HOA members. A current Disaster and Emergency Response Plan is a necessity for any community association.

3 Questions to Ask Before Buying Homeowners Insurance

For many people, their home is their greatest asset, yet studies show that 59% of today’s homes are underinsured. Homeowners should update their insurance regularly to include improvements, major purchases and increased rebuilding costs, according to the Insurance Information Institute (III). “A major home alteration or addition, even a lifestyle change such as marriage, or a family member moving in (along with his or her belongings), should trigger a call to your insurance company.” -Jeanne Salvatore, Senior Vice President and Consumer Spokesperson for the III. The cost of building or repairing a home has increased dramatically in recent years. According to the U.S. Census Bureau, homeowners spent over $359 billion on additions, alterations, maintenance and repairs from 2009-2011, up from $201 billion in 2004. Materials like lumber, cement, gypsum and structural steel products have become more scarce, not only because of the devastation from recent storms and disasters, but also because of increased global demand.

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