Reply to I need to raise Common Charges Again

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Reply to "I need to raise Common Charges Again - When do I tell People?"

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[quote=Anonymous][quote=Anonymous]Shop for different insurance companies (really just to demonstrate due diligence, you aren't going to find a deal). Then hold a special meeting and provide options - big special assessment and smaller monthly assessment increase, or bigger monthly assessment.

You can’t hide from math or flood insurance increases. [/quote]

The condo insurance market is very difficult right now. Not many companies want to write insurance so increases are running 20-40%. D&O policy options are even more limited.

Paying the premium from reserves is a terrible precedent. Operating expenses should never be paid from reserves.

You are going to have to explain to all owners the financial picture and start getting your finances and reserves in much better shape. A special assessment is going to be needed because you have no funds for any necessary replacements.

If they don’t do this, the building will go into serious disrespair and no one will be able to sell your unit. 
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