Money related
(A continuation of: “You Need to Know”) Key Takeaways The association’s wind insurance includes a $20 million sublimit, which may be far below the building’s true insurable value of $118 million. The Association was advised that coverage did not meet lender requirements and chose not to increase it due to premium cost. This insurance gap…
Key Takeaways A mortgage refinance was declined due to questions about the association’s master insurance coverage. Multiple lender requests to management went unanswered for weeks. This type of delay can impact any owner trying to refinance or sell to a buyer who needs a mortgage. Timely and complete responses to lender inquiries are essential to…
Over the past several days, a series of short posts highlighted issues that many residents have noticed individually — but may not have connected as a whole. When viewed together, a consistent pattern emerges. Safety & Core Services These are not conveniences. They are basic building functions. Maintenance & Priorities This raises questions about how…
Where Are the 2024 Audited Financials? The 2024 audited financials have still not been provided. They are now seven months past the legal deadline. In prior years the auditor participated in a board meeting presenting the findings and answering questions. Why the delay?What information is being withheld?
