CAI-NJ May 2022 Community Trends

2. Assess the potential timing of projects that can extend actual reserve usage while accounting for regulations that require specific projects to be completed by specific dates. In the end, it is important to review projects that are prioritized for safety and regulation. For example, projects that are set in place to maintain structural integrity should be prioritized. On the other hand, you can deprioritize projects such as EV charging stations. Insurance Insurance costs are a major percentage of the overall HOA budget. Are we doing everything we can do to reduce insurance costs for our clients?…or at the very least, decrease the rate of the increases! In addition to the standard bid comparisons, we recom mend working with your insurance carriers to understand the property risks that increase premiums. Most carriers have outreach programs that will help create a tailored risk mitigation program that the communities can then embed directly into standard operations.

For example, creating a regular community inspection process that focuses on mitigating property and structure risks that follow the recommended program. Maintenance and repair items that come directly from the inspection pro cess will feed the budget process. The objective would be to reduce premiums without reducing coverage and/or increasing deductibles. The key to supporting this process is keeping records in a format digestible to the insurance carrier. Operational Health Operational health is very much intertwined with the financial health of a community. In recent community man ager discussion topics included amenity opening, retention of employees, community safety and structural safety. The following table includes highlights from those discussions that you may consider relative to your community. COVID & Amenities Are you ready to open your community’s amenities? For obvious reasons, there is concern over opening community spaces with an emphasis on potential community liability.

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We’re excited to custom build an Insurance Solution that’s just right for you. Our experts from across industries and especially our Residential and Commercial Habitational experts can help you meet your needs. Together, we can put your worries to rest. We’re excited to custom build an Insurance Solution that’s just right for you. Our experts from across i d stries and especially our Residential and Co mercial Habitational experts can help you meet your needs. Together, we can put your worries to rest. www.HOAInsuranceNJ.com

www.HOAInsuranceNJ.com

Protect Y our self with the R ight I nsurance P rogram and S ervices at the R ight P rice. • Homeowners Insurance • Auto Insurance • Business Insurance • Commercial Real Estate Protect Y our self with the R ight I nsurance P rogram and S ervices at the R ight P rice. • Homeowners In urance • Auto Insurance • Busin ss Insu nce • Commercial Real Estate

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908-382-6625 NJ | Info@ InsurePeopleFirst.com. com | 484-546-7770 PA 908-382-6625 NJ | Info@ InsurePeopleFirst.com. com | 484-546-7770 PA Local offices in Pennsylvania and New Jersey

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PeopleFist, through Acrsure National Network, is a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates. Our expertise is matched only by our personal commitment to each client’s goals. PeopleFist, through Acrsure National Network, is a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates. Our expertise is matched only by our personal commitment to each client’s goals.

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