CAI-NJ September 2021

filling their pipelines with future jobs now, often pushing customers out six to 12 months before they can offer them a start date. For competitive markets like in Honolulu Hawaii, with a limited supply of specialty contractors for services like pipe replacement, this can mean getting in line a year (or more) in advance to get work done at your community! Act Early to Lock in Pricing and Timing The only viable way to combat all this market turbulence is to act early. Locking in with a vendor and signing a contract now can help hedge against future price increases (both material and labor) and ensure you get your preferred timeslot for completing your project. With no foreseeable end in sight to the material and labor shortages, and the increasing demand for services from these vendors, boards must act quickly and decisively, or they may lose out to a neighboring community looking for the same kind of work. As community associations move into the 2022 budgeting season over the next couple of months, making quick deci- sions will be critical, of communities may find themselves missing out on the opportunity to get work done at an affordable rate in 2022. n

(right) Lack of availability of the resins required to manufacture PEX pipe has led to a supply shortage, particularly for the large diameter pipe used for mains and risers in mid and hi-rise communities.

(left) Cast Iron prices have increased 40% in the past year, driving up prices for communities in need of a pipe replacement.

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 Yourself with the Right Insurance Program and Services at the Right Price. • Homeowners Insurance • Auto Insurance • Business Insurance • Commercial Real Estate Protect Yourself with the Right Insurance Program and Services at the Right Price. • 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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