LESSONS LEARNED


I


n late 2016, disaster struck a community I managed with a 


article we will call this association   was dispatched, and a large effort   the majority of the community — a single building located in  smoke or water damage.


  everything with several units having nothing salvageable left in them. Many lessons were learned during the process of assisting owners and residents in the community during  than the risk of being underinsured.


Underinsurance in a Disaster


Risk of — By Stephanie Slone, AMS —


 contract where management  related and the Board requested management’s involvement for all other   insurance policy was long standing  an effort to keep assessments low and doing what they believed to be in the best interest of the community, the Board renewed the same insurance  here was renewing a policy based on price, rather than whether the coverage was adequate for the community.


Unfortunately, the policy that Condo  occurred, was nowhere near enough to


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