Hurricanes. Floods. Tornadoes. Hail. Wildfires. Lightning strikes. Earthquakes. Blizzards. Mother Nature has quite the arsenal to throw at us! Unfortunately, every part of North America is subject to one or more of these events. Some, like hurricanes, come with enough advance warning to prepare for them, but most do not. That’s why it is critical to the financial health of your community association to have the proper insurance coverage in place. What are the risks if your community association isn’t appropriately covered? There are several possible outcomes, although, none of them are good. The financial repercussions to your association’s operating budget are the greatest issue. Without adequate insurance, your community may not be able to rebuild. Homeowners will face special assessments to cover the gap, which may lead to friction in the community and erode homeowners’ trust for the board. In a high-rise community, the association’s lack of insurance can cost people their homes. Homeowners can also sue the board for not having the correct insurance in place. Read the article…………..
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