Community Trends - June 2025

• Equip all units with water sensors and shut-off valves—many now offer smartphone app control. • Upgrade unsprinklered or partially sprinklered community parking garages to full sprinkler systems. • Retrofit older, unsprinklered build ings to improve insurability and secure better rates. • Conduct a reserve study or update it as needed, ensuring compliance with state requirements. • Require tenants to carry renters insurance and eliminate waivers of subrogation favoring renters. • Address maintenance issues proac tively to prevent problems before they become costly claims. INSURANCE MARKET... from page 20.

• Utilize your right of entry to manage neglected maintenance in units. • Maintain detailed records to identi fy loss patterns and recurring issues. • Document original unit interiors to streamline claims processing. • Develop and implement emergen cy preparedness procedures. • Resolve building defects, such as aging roofs, outdated electri cal panels, plumbing issues, and improper drainage. • Consider increasing property deduct ibles, even if not required by your insurer. • Evaluate claims strategy with man agement, the board, and your broker to determine when filing is beneficial. • Pass a Deductible Bylaw Amend

ment to shift deductible responsi bility to owners under specified conditions. Takeaways While your insurance renewal will never be as much fun as a high school prom, you have a choice in how you prepare for it. Remember what kind of teenager you want to be and live up to your own expectations by acting decisively on behalf of your communi ty. Implement the necessary changes to improve your insurability as soon as possible. Have a plan and follow through with it. Despite the gloom and doom of the current insurance market for condo miniums, HOAs, and cooperatives, your community can be polished and proud by becoming the best possible version of itself. n

ATTENTION ALL CAI-NJ SEMINAR ATTENDEES:

Please remember to keep your seminar completion certificates in a safe place. These certificates are distributed at the end of each CAI-NJ seminar. This is proof that you attended and completed the seminar. You may need to reference the certificate in the future and CAI-NJ does not keep track of each member’s attendance record. Community manag ers will definitely need the certificates to obtain credit for continuing educa tion towards their designations.

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JUNE 2025