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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.

Don't Make These Two D&O Insurance Mistakes

If you live in an HOA or serve on the board, Directors & Officers (D&O) insurance (D&O) provides essential protection. But shoddy coverage or a late claim can jeopardize your community.

Cost of Earthquake Insurance for HOAs in California

Earthquake risk keeps growing in California, making earthquake insurance a viable option for HOAs and condominium owners. Learn about the costs of insurance premiums, deductibles, and the types of homeowner earthquake policies available 

7 Common Mistakes in Approving HOA Contracts

Reviewing and accepting contracts is a regular and important requirement for homeowner associations  boards. However I see many boards that make mistakes in awarding contracts for work on association complexes. This article identifies some of the most common mistakes I see—and believe me, I see these every day.

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.

HOA Insurance: Understanding Essential Types of Coverage

Making sure your HOA has proper insurance coverage is necessary to protecting the value of the property and the security of the homeowners. Find out the various types of coverage available to associations, what they mean, and how they can help your community

Can HOA Board Members Be Sued?

In California, HOA board members have substantial protections under the law. Those protections take three forms: immunity, insurance, and indemnity. This article explains when and how each of those protections apply.

§5810 - Notice of Policy Changes

The association shall, as soon as reasonably practicable, provide individual notice pursuant to Section 4040 to all members if any of the policies described in the annual budget report pursuant to Section 5300 have lapsed, been canceled, and are not immediately renewed, restored, or replaced, or if there is a significant change, such as a reduction in coverage or limits or an increase in the deductible, as to any of those policies.

§5800 - Limitation of Volunteer Officer or Director Liability

  1. A volunteer officer or volunteer director of an association that manages a common interest development that is exclusively residential, shall not be personally liable in excess of the coverage of insurance specified in paragraph (4) to any person who suffers injury, including, but not limited to, bodily injury, emotional distress, wrongful death, or property damage or loss as a result of the tortious act or omission of the volunteer officer or volunteer director if all of the following criteria are met:
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