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Insurance
The Chicagoland Cooperator's Condo, HOA & Co-op Expo
With the sun beating down on the shores of Lake Michigan and the mercury nudging
the top of the thermometer, it may seem strange to think ahead toward late
autumn and beyond, when the Chicagoland area's condo and HOA communities will
be battening down the hatches for another Midwest winter.
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Protect Yourself
Serving on one's condo or association board is sometimes a rough job; there are
tough decisions to make that impact the lives of one's own friends and
neighbors, priorities to set that cannot possibly please everyone, and
financial challenges that can make running even a small community feel like a
game of roulette.
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For Every Season
It's no secret that the insurance industry is big business; there are
approximately 2,000 companies competing for market share, which means that
co-op, condo, and HOA boards have their work cut out for them when it comes to
understanding the subtle nuances embedded in their insurance policies.
According to the pros, many (if not most) boards are less than well-informed
about their policies and risk exposure.
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Not Your Grandfather's Policy
Recent developments, both legislative and environmental, have led to
considerable changes in the Illinois insurance marketplace. And such changes,
as managers know, often lead to added paperwork, confusing requirements, and
tricky legal questions for condo boards. While many new insurance products—such as the heavily-hyped “terrorism coverage”—have failed to catch on for the condo market, modifications in traditional
coverage have altered the insurance picture in ways previously unseen.
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From Health Clubs to Hot Tubs
Pools, hot tubs, saunas and gyms are big-ticket, high-demand amenities. They add
value and enjoyment to properties without question—but they also come with major considerations when it comes to insurance
coverage.
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The More You Know...
Meet John Anderson. He is your friendly association board member. He doesn’t know much about being on a board. He simply wanted to help his community, and
he’s very willing to learn. And then there’s Anne Davis. She has been a member of the board for a few years, but it’s been said that she doesn’t communicate very well with non-board residents, and still has a hard time
understanding certain rules and regulations that the board must follow.
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The Insurance Puzzle
Insurance is a relatively simple concept that any homeowner can understand. You purchase a policy paying a premium to an insurer, and when a claim gets
filed, the insurer pays. So in theory, insuring a condominium or association
property should be virtually the same principle—only on a larger scale, right?
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Learning the Ropes
Co-op and condo board members usually are volunteers who live in the building
and contribute their time and expertise to help their community. Ideally, they
ensure that the building runs well and efficiently, and that residents’ investments in their homes are protected. It takes a bit of know-how to
accomplish these seemingly routine goals, though, and new board members
sometimes don’t have that knowledge.
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Know Your Board
You may not know the name of your local alderman, or even your state
representative—plenty of polls have shown that many people don't. Politicians are one thing,
but when it comes to the people running your condo building or homeowners
association, ignorance is most definitely not blissful. Condo and HOA residents
often aren’t entirely clear on the roles and responsibilities of their various board
members, and even board members themselves may not always know exactly what
their roles entail.
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