In our previous post, we explored some helpful tips to help you get acquainted with your HOA as a new board member. While this is a great way to get involved, make a difference, and meet neighbors, there is a lot at stake as a leader of an HOA. In addition to backing your association with a Ventura HOA Insurance package, read on to discover four more helpful tips for success as a new HOA member.
Think about long-term goals.
Whether you want to report a delinquent tenant or remodel the community pool, think about the impacts your decision will have on the long-term future of the association. Have an open discussion with other board members to determine the vision and goals for your HOA in the coming years and how you plan on achieving them together.
Be a thorough communicator.
According to Echo, transparency is critical to maintaining a positive relationship between the board and the community. Unless required by law (such as communicating about employee performance), keep your community informed about issues, opportunities, ideas, financial results, etc. A little hassle today is far better than a big fight (or lawsuit) later.
Get to know your vendors.
Many vendors have long established their relationship with the HOA prior to you volunteering. Whether the relationship between the vendor and the HOA is a positive or negative one can be influenced by various factors. If you want to change vendors, ensure you have a full grasp on what’s going on and the implications the change will have on the HOA.
Don’t forget you are a fiduciary.
Even though you’re a volunteer, remember that agreeing to serve on your community board means that you take on some level of accountability for the management of your community and its assets. When you make decisions, you must make them in the best interest of the corporation, even if those decisions are not in your personal best interest, explains the article. Therefore, take some time to review the Directors and Officers Insurance policy that your HOA carries to ensure your decisions are protected.
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.