August 2023

NATIONAL TRENDS... from page 51.

CAI urges community associations, also known as condominium commu nities, homeowners associations, and housing cooperatives, to regularly update their reserve studies to reflect ongoing changes to components and financial needs. These multiyear plans help communities anticipate and responsibly prepare for ongo ing preventive maintenance, periodic structural inspections, as well as for the timely repair and replacement of common area components such as roofs, roads, mechanical equipment, and other portions of the community’s common elements. Originally published in 1998, CAI’s Reserve Study Standards provide a consistent set of terminology, calcu lations, and expectations so reserve study providers and those they serve together can build a safe and suc cessful future for millions of community association homeowners. The Reserve Study Standards pro vide guidance and methodology in the preparation of reserve studies for all varieties of community association ownership types and physical con figurations. These standards establish the procedures from conceptual devel opment through report preparation. Consistent application of these stan dards will minimize differences in com ponent selection and funding recom mendations by different reserve study providers. As a result, association leaders will receive consistent, cred ible, and defensible reserve studies. Access the new Reserve Study Standards at www.condosafety.com. n

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Cheryl Rhine, CIC, CIRMS, EBP 732.616.4319 Debbie Pasquariello, CIC, CIRMS, EBP 732.207.4818

USI Insurance Services 1433 Hooper Ave., Suite 110

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Visit the website of CAI-NJ — www.cainj.org.

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AUGUST 2023