Association Claims (COAs & HOAs)
COAs & HOAs, or homeowners’ associations, provide control in a building or neighborhood. The Association Claims are responsible for allocating finances and determining amenities for residents.
Read on to learn more about what Association Claims COAs & HOAs do and the pros and cons of the group. This gathering of people plays a crucial role in the finances of a building, especially when making insurance claims.
What Do COAs & HOAs Do?
HOAs exist to implement rules and keep a neighborhood in control. They are made up of elected residents and work together to maintain and create an established set of boundaries for the maintained value of the community.
- Maintain grounds
- Elect boards
- Hold a fiduciary duty and handle overall finances of the condo
- Assist with community utilities
- Secure proper insurance
They provide control to a community.
There are many pros to living in a condo with an HOA, but there are also cons. It’s critical to understand both before putting an investment down on one for yourself.
What Are the Pros and Cons of HOAs?
HOAs maintain tons of financial responsibility. As such, there are many pros and cons.
Here are the pros of HOAs:
- Excellent amenities guaranteed
- Reduced responsibilities
- High-class appearance
An HOA helps homeowners enjoy their living area. The value stays the same or rises with this group.
Here are the cons of HOAs:
- Additional expense
- Risk of foreclosure
- Sudden assessments and restrictions
There is more control with an HOA.
The HOA works as a fiduciary, ensuring financial matters fall in the right spot. If there is damage, the group is responsible for reporting to the insurer. This is critical in the event there is an insurance claim.
If you’re worried about reaching a fair settlement for your association-client, contact CAMERON CLAIMS® for assistance. We have helped many condo associations find fair compensation.
The more you know about COA or HOA claims, the more confident you can feel in taking on their cases. We are here to help. CALL TODAY 855-626-9744