If you recently moved into a complex with a homeowners’ association, or you’re just ready to take your turn on the board, you’re likely going to be greeted with open arms. As volunteering your time and effort to better the community is a tedious and tiring job, it’s important to understand how your HOA works and become familiar with the procedures to prevent mishaps from occurring. In addition to securing your association with a Ventura HOA Insurance policy, heed the following advice for getting up to speed within the HOA in a timely manner.
Understand the governing documents.
The best way to quickly learn how your association works is to read your covenants, by-laws, and other governing documents. You’ll quickly find out the things you’re required to do, and where you have some flexibility. It’s also easier to communicate with neighbors when you know the facts, explains Echo.
Get familiar with financials.
Review financial documents and don’t be shy about asking for help understanding them from your board treasurer or the property manager. New board members should be comfortable with the budget, cash flow, and expenses before moving forward with any decisions.
Don’t bite off more than you can chew.
You might be excited about participating, but don’t be overzealous when it comes to your new role. As we mentioned in a previous post, it’s better to break up large responsibilities into smaller ones to make them more manageable. Start off with a small workload and gradually increase when you feel comfortable and get familiar with the HOA.
Don’t make rash decisions.
Before you jump in and make a bunch of changes, take the time to understand why things are currently done the way they are. You may be surprised when you see the process and procedures from an insider’s perspective, explains the article.
About Scott Litman Insurance Agency
At Scott Litman Insurance Agency, we are dedicated to protecting HOAs like yours. We have a unique understanding of the industry and the common risk exposures that you face in your daily operations. In fact, we find that 90% of the policies we review are missing coverages that violate the Covenants, Conditions, and Restrictions (CC&R), exposing the board, HOA and management to lawsuits – which is why our comprehensive policies are tailored to meet your specific needs at competitive prices. For more information about our products, contact our experts today at (818) 879-5980 ext. 201, or fill out our online form.