RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

What Are the Benefits of a Homeowners Association?

July 26, 2016 1:24 am


Homeowners in large-scale associations enjoy a number of association-managed services, many of which are beyond those offered by municipalities. The level at which these services are provided is just one of the benefits drawing homeowners to association living, according to a recently released survey by the Foundation for Community Association Research (FCAR).

FCAR’s Large-Scale Association Survey, which evaluated associations with 1,000 or more lots (including residential, age-restricted and private club communities), found that large-scale associations offer high-caliber services, from roadway maintenance and stormwater management to recreation and security. In effect, large-scale associations act as governmental entities—an advantage for homeowners who would otherwise not receive services at the municipal level.

Large-scale associations also manage the environmental costs of development, as municipal organizations do, according to the survey’s findings. Most associations impose land use restrictions that protect conservation areas, waterways and wetlands.

Civic involvement is prevalent in large-scale associations, as well, the survey found—residents may be invited to attend community-related forums, for instance, or cast an opinion at a polling location within the association.

Community associations, which include condominiums, cooperatives and planned communities, became commonplace by the late 1960s, and, according to a Community Associations Institute statement on the survey, “now represent the greatest extension of housing ownership since the New Deal housing reforms and GI Bill after World War II.”

Source: Community Associations Institute (CAI)
 

Published with permission from RISMedia.


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Are You Paying Too Much for Flood Insurance?

July 25, 2016 1:24 am


Property owners of both residential and commercial units purchased more than $3.5 billion in flood policies last year through the National Flood Insurance Program (NFIP). The reason? More lenders may be requiring flood insurance—and yours could ask for it, too.

Insuring your home against flood risk is important, but it is also important to understand its cost. One way to ensure cost-control is with an error-free elevation certificate, says Michael Allison, president of AmeriFlood Solutions, Inc.

The elevation certificate is a document that indicates the elevation of the property, which determines insurance premium rates. The certificate must be free of errors and omissions—either could potentially cost thousands in needless expense, Allison says.

“A signed and sealed elevation certificated does not ensure accuracy,” Allison said in a statement. “More than 50 percent of the elevation certificates reviewed by our staff have errors. Further, outdated elevation certificates may not reflect building improvements or uncover documentation errors or omissions that can cause insurance agents, brokers and carriers to rate flood policies inaccurately. That can add up to a considerable difference in the amount paid for coverage or measures implemented to mitigate flood damage.”

Allison recommends reviewing the elevation certificate with an insurance broker or agent or flood risk expert—they can help you determine if you are paying too much (or too little) for flood insurance.

Source: AmeriFlood Solutions, Inc.
 

Published with permission from RISMedia.


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