More HOA New Year's Resolutions

Continued from last week...

As we said last week, 2021 is coming to a close, and a new year means it's time to make resolutions. For homeowners associations, it means doing things better in the new year. Here are more of the best HOA New Year's resolutions that boards can make to improve their community! 

5 Review Insurance

Insurance is often an association's essential line of defense against costly repairs and liabilities. No HOA should do insurance without covering property damage resulting from specific perils to several possible penalties such as discrimination and harassment. Thus, reviewing insurance policies should always remain a part of HOA New Year's resolutions.

There are many insurance policies, including liability insurance, D&O insurance, and a master policy. These policies can also differ when it comes to levels of coverage. For instance, HOAs in an area with a high chance of wildfires should increase wildfire damage coverage. To ensure an HOA's insurance is updated, it is essential to examine the association's vulnerabilities and risks.

6 Work Toward Better Transparency

Transparency is critical to any homeowners association's success. It enables boards to gain the trust of the community's residents and contributes to an association's reputation, too. With that said, it is easy to see why every board should make transparency a part of their HOA New Years' resolution.

Boards must practice reasonable transparency when it comes to the association's funds. It is smart—and, in some states, mandatory—to present the annual budget to the community's members for ratification. Expenses, once incurred, should also be reported. Moreover, boards should make the association's financial statements readily available for homeowners to view.

Of course, this comes with certain exceptions. For instance, while an HOA can make delinquency reports available for review, it should not list down residents' names or contact details. Releasing the names of owners with delinquent accounts can go against the law.

But, transparency is not limited to an association's finances. It also extends to meetings. Boards should always notify homeowners of any membership or board meetings ahead of time. This way, owners can attend the meetings and get involved.

7 Pursue Further Education

As capable as they may be, association board members don't know everything about community management. With evolving laws and changes in technology, there is always something new to learn. Thus, as part of a board's HOA New Year goals, it should pursue further training and education on HOA management, which applies to board members and other industry professionals.

Boards can learn from countless resources online as well as from local professionals. The Community Associations Institute (CAI) also provides live classes and webinars. Even local chapters of CAI hold training sessions and seminars every once.

 8 Start Making Your HOA New Year's Resolutions

With the new year comes a new beginning and a chance for HOA boards to better themselves. While boards typically make the resolutions, these resolutions can affect the entire community. It is integral to take them seriously and stick to them the best they can.

Have trouble managing your community even after making New Year's resolutions? Get help from Condominium Associates. Contact us today to request a proposal.