It's that time of year you love most! Time for spring preparations. Has your community association began its maintenance work? Proactive risk management following the winter season will help keep insurance claims at a minimum for home and condo owner associations.
If you're the type of manager that loves saving money on insurance, then you're probably already a master of sound maintenance plans. But just in case, we provided a checklist of HOA and COA spring preparation tips below.
What you will learn:
Since you probably prepare differently for an HOA than you would a condominium, we created a list of actionable tips for each property type. Timely implementation will prevent property damage and reduce liability risks for management companies.
HVAC Systems: schedule or perform quarterly preventative maintenance.
These additional tips will keep condo owners and tenants more satisfied while saving your property management team money on emergency repairs.
Inspect Everything: keep systems and appliances performing at peak levels by replacing filters on appliances and equipment before a problem develops. Think, ventilation and fire suppression systems, water heaters, dishwashers, smoke and CO2 detectors and security systems.
Clean Everything: schedule HVAC system duct cleaning and pool service. Remove dirt, dust and debris from on-site laundry and gym facilities. Clean the registers and filters to prevent fire damage and keep operating costs down.
Prevent Pest Infestation: controlling pests demands an immediate response to any report of cockroaches, bed bugs or termites. Treat the property at least once per year.
Seal-coat Your Assets: wood decks, exterior paint and caulk degrade over time. It is recommended that you seal surfaces exposed to weather and temperature extremes every three to five years.
Another area that needs an annual review is the association's insurance coverage. Make sure your agent is actively and aggressively shopping your policies every year, so you can rest easy knowing that you are working with competitive rates year to year, and not inflating premiums.