If a fire, flood, or other covered event renders a homeowner’s unit unlivable, Loss of Use coverage helps cover the additional living expenses incurred while the unit is being repaired or rebuilt. This coverage can include expenses such as temporary accommodation, hotel bills, meals, storage c...
Often, HOA is a blanket term used to describe many different types of community associations. However, different communities require uniquely structured associations that include planned communities, condominiums, and cooperatives. Each of these association types has less to do with their architecture and...
How do HOAs work?An HOA is more than just a set of rules and regulations. It serves as a collective body that oversees the management and maintenance of a neighborhood or multi-unit building. The HOA board of directors, usually made up of elected homeowner volunteers, is tasked with ...
While all HOAs have some hand in rules and regulations, not all provide amenities. Those who do will charge substantially more than those who don’t (which is where the range of $40-$2,000+ monthly dues comes in), and there’s virtually no guarantee of which amenities a specific HOA m...
Do you know what kind of rules are considered unenforceable or illegal? Homeowners’ Associations (HOAs)are governing bodies that establish rules and regulations to maintain order and harmony within a community. These rules, commonly called HOA rules, protect property values and ensure a desirable li...
Each of these coverage options serves a specific purpose and provides different levels of protection. It is essential for HOAs to carefully assess their community’s needs, potential risks, and legal requirements to determine the appropriate types and amounts of coverage to include in their insurance...
Members of HOAs should plan to vote for board members to ensure that they have the best representation and avoid problems as best as possible.Answer and Explanation: HOA fees are collected by the Homeowner's Association to cover expenses in a neighborhood. These expenses can include shared ...
Do HOAs have legal authority? If someone breaks the community’s rules, it’s the HOA’s job to enforce them. Disciplinary action can include suing a homeowner if other interventions don’t resolve the issue first. The specific authority an HOA has is generally spelled out in the community’...
Many HOAs maintain shared spaces, like parks, playgrounds, pools and other amenities. The HOA is responsible for maintaining the spaces, which could include everything from cleaning to repair costs after a storm. Community guidelines HOAs also set rules that are designed to improve your community,...
What are common complaints about HOAs? Common complaints about HOAs include high fees, restrictive rules, and potential mismanagement. 14 Can you opt-out of an HOA? Typically, you cannot opt-out of an HOA if your property is within its jurisdiction; participation is often mandatory. 13 What ...