Minnesota: Corporate Compliance – Simple Steps to Protecting Assets
Minnesota law requires all businesses to maintain proper corporate formalities. Every business owner knows that one must set up some type of business entity – an LLC, an S-corporation – ...
RECENT ARTICLES
Common Homeowner Association Mistakes to Avoid
There is more to a homeowner association than meets the eye. There’s a lot going on behind the scenes, with these associations dealing with regular challenges and potential pitfalls that can cost them money and anger residents. Knowledge of the most common homeowner association mistakes makes it easier to avoid trouble. Here are five mistakes that come up time after…
Fire threats are leading to a loss of insurance coverage
In California, 167,000 homeowners were unable to get their insurance policies renewed in 2018, which was an increase of 6% throughout the state. Furthermore, there was a 10% increase in the number of policies that were not renewed in areas likely to be impacted by wildfires. Of those who had their coverage terminated, 88,000 lived in areas where there was…
What May Homeowners Associations Regulate?
Running a successful homeowners’ association is a difficult task. Each resident within a community has their preferences for how they decorate and maintain their home, and there always seems to be one or two owners who simply do not want to operate inside the HOA guidelines. In many cases, some owners will find conflict wherever they go, regardless of how…
What’s the Right Insurance Policy for my Homeowners Association
Insurance is generally the largest budgeted expense for most homeowners associations (HOAs). But not every insurance policy is the same. So how do HOAs know whether the insurance policy they’ve purchased meets their needs? These are just some of the things HOAs need to be consider when they’re deciding which insurance policy to purchase. What is the Policy Deductible? Every…
Home ownership grows for community associations
In the United States, community associations represent the fastest-growing form of home ownership. These organizations include townhome associations, condominium associations and cooperatives. According to a 2010 estimate from the Community Associations Institute, there were 62 million Americans living in community associations. That’s about 25 million homes. There are law firms that serve the legal needs of these associations, including their…
WHY DOES MY INSURANCE ESTIMATE HAVE AN ACV AND RCV NUMBER?
After you’ve made a claim, the insurance company’s adjuster will inspect your home for damage and prepare an estimate. When you receive the insurance company’s estimate, you see that it lists two amounts for “RCV” and “ACV.” How much money do you have to make repairs? ACV is an abbreviation for “actual cash value.” ACV is the actual value of…