Natural disasters can have a significant impact on community associations. One of the main issues that associations face after a natural disaster is knowing when and how to file insurance claims. In this article, we will discuss how storms affect community associations and the role of the different types of insurance coverage concerning filing claims, charging the deductible, having the right policy in place, wind and hail insurance, flood insurance, and more. We will also discuss property insurance policy riders and inclusions, coinsurance, and the excess market. So if you're a board member wondering what to do after a disaster strikes, keep reading!
Policy Inclusions Explained
Like any other organization, a community association must have the right insurance policy to protect its assets. This includes insurance to cover the cost of repairing or rebuilding community buildings and common areas in the event of damage. It is important to note that there are two coverage options her
Fannie Mae & Freddie Mac are two of the biggest players in the mortgage market, particularly the secondary mortgage market, where mortgages are bought and sold after they have been originated. This article will look at a brief history of Fannie & Freddie and the new condominium questionnaire requirements. We will also go over some best practices for board members and the pros and cons of filling out the questionnaire vs. opting out.
A Brief History
Fannie Mae was created in 1938 as part of the National Housing Act, and Freddie Mac was created in 1970 as a result of the Secondary Mortgage Market Enhancement Act. Both Fannie Mae and Freddie Mac buy mortgages from lenders and then either hold them in their portfolios or sell them to investors to provide liquidity, stability, and affordability to the mortgage market. Both entities are government-sponsored enterprises (GSEs), which means that they're backed by the full faith and credit of the US government.
The New Questionna
When you live in a community association, there are rules and regulations pertaining to the upkeep of the exterior of your property. But what if you'd like to make a change to your property, like paint your house or put up a new fence? That's where the Architectural Review Committee (ARC) comes in. This group is responsible for approving or denying any exterior changes to your home. So, if you're thinking about making some updates, it's essential to understand the role of the ARC and what they will be looking for when reviewing your proposal.
In this post, we'll discuss who makes up the ARC, what they do, and how you can work with them to get approvals for your exterior projects. Let's get started!
What is the ARC?
An Architectural Review Committee – sometimes called an Architectural Review Board or Architectural Control Committee – is a committee that is either made up of volunteers or appointed by the board. This committee considers (and h
Whether you’re new to being a board member or a seasoned vet, you’ve probably figured out that you’ve volunteered for a rather complicated job. Not only do you have to consider your association’s governing documents, but there are several state (and a few federal) laws that speak to what community associations and non-profit organizations can and cannot do. But don’t worry, at CAMS, we’ve got you covered as far as educational resources go, so let’s dive into amending governing documents and handling violations in North and South Carolina.
Amending Documents
Sometimes the provisions within your governing documents need a bit of a makeover if, for example, your association is older and the language within has become irrelevant. Of course, there are other reasons you may want to consider amending the documents, and, no matter what those reasons are, there are processes to follow. Easy enough, right? That depends on whet
Serving on your community association's board of directors can be a complicated job, especially if you haven't received the proper resources and training needed to carry out your duties. But, just as with most things in life, a little bit of education will go a long way toward making your time as a community leader more rewarding and a bit less stressful. At CAMS, one of our core values is "we are here to learn and grow", and that extends past our team. Our CAMS Academy for board members offers tons of helpful resources which provide you with the knowledge you need to run your community successfully.
CAMS Academy
One thing that sets CAMS apart from other management companies is our dedication to our customers, which begins with empowering community leaders so you will be most effective in your role. In addition, our employees must complete ongoing industry-related training and education so that you may be confident you have a knowledgeable team committed to continuou