Is your association complying with The Corporate Transparency Act (CTA)

By |2025-02-11T09:42:57-08:00February 11th, 2025|Legal, Uncategorized|

The Corporate Transparency Act (CTA), a federal law, has been determined to apply to incorporated community associations, imposing new reporting obligations on these associations and their directors. While the initial reporting deadline was previously set, it's important to note that the CTA remains subject to legal challenges, and the implementation and enforcement of the reporting [...]

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Homeowners Insurance vs. Condominium or Homeowners Association Insurance in the Pacific Northwest

By |2025-02-03T12:25:27-08:00February 3rd, 2025|Community Assets, community risks, Uncategorized|

Homeowners Insurance vs. Condominium or Homeowners Association Insurance in the Pacific Northwest While both homeowners insurance and COA / HOA insurance offer crucial protection, they cover different things. Homeowners insurance safeguards your individual property and belongings, while association insurance protects the shared property and liability of the homeowners association. Understanding this distinction is especially important [...]

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Minimizing Insurance Risks

By |2025-01-22T11:37:28-08:00January 22nd, 2025|Uncategorized|

As a board member of a Washington State condominium and homeowner association (COA - HOA ), you're likely facing a challenging insurance market. The state's unique geographical features, combined with the increasing frequency and severity of natural disasters, have contributed to a hardening insurance market. This means higher premiums, reduced coverage options, and potential non-renewals. [...]

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Protecting Your Community: A Guide to Effective Drainage in the Pacific Northwest for HOA Boards

By |2025-01-22T11:13:29-08:00January 22nd, 2025|Community Assets, community risks, Repairs, Uncategorized|

Protecting Your Community: A Guide to Effective Drainage in the Pacific Northwest for HOA Boards The Pacific Northwest's lush environment is also known for its abundant rainfall. This makes effective drainage a critical concern for Condominium and Homeowners Associations (COAs / HOAs). Poor drainage can lead to costly property damage, including foundation issues, basement flooding, [...]

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Condominiums are Sinking, and It’s Only Going to Get Worse

By |2025-01-06T13:42:23-08:00January 6th, 2025|community risks, Repairs, Special Assessments|

Recently I saw headlines that Florida is seeing new problems with condominiums sinking. Condominium owners in Washington State should be aware that this is not just a Florida problem but the potential is nationwide. There are two reasons for this: first the increasing risks associated with land subsidence and rising water levels due to climate [...]

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Changes to Fannie Mae and Freddie MAC loan requirements in 2025

By |2024-12-24T12:35:17-08:00December 24th, 2024|Budgets, Condominium Purchases|

Yes, there are some changes coming to Fannie Mae and Freddie Mac loan requirements in 2025, and these could have implications for condominium buyers. Here's a summary of the key changes and how they might affect you: 1. Conforming Loan Limits Increased What it means: The Federal Housing Finance Agency (FHFA) has increased the conforming [...]

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How much are we required put in reserves?

By |2025-02-03T12:36:02-08:00December 18th, 2024|Budgets, Community Assets, Major Projects, Special Assessments|

We frequently get the question of how much does WUCOIA require an association to put into reserves? The requirement of how much should be put into reserves is not explicitly stated in the Washington State Revised Code (RCW) 64.34, which governs condominiums, HOA's and PUDs. However, the following provisions within RCW 64.34 strongly imply this [...]

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Aging Infrastructure in Washington State Condominiums: is your association prepared?

By |2024-12-11T10:55:44-08:00December 11th, 2024|Budgets, community risks, Special Assessments, Uncategorized|

I have talked to many board members over the years and I get a sense that they don't believe we will have a condominium collapse here in the Pacific Northwest. In our area we do have conditions similar to Florida. We have buildings from the 50's and 60's that were built on the waterfront. The [...]

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Hard Insurance for Condominium Assocations

By |2024-12-01T09:37:45-08:00December 1st, 2024|Budgets, Community Assets, community risks|

Insurance is a crucial component of condominium living in Washington State. However, in recent years, the cost of insurance for condo associations has surged dramatically, becoming a significant budgetary concern. This trend mirrors a broader industry shift known as a "hard market," characterized by reduced insurance availability, higher premiums, and more stringent underwriting standards. While [...]

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Rising Association  Fees: A Growing Concern for Washington State Condominium Owners

By |2024-11-22T15:32:20-08:00November 22nd, 2024|Budgets, community risks, planning, Uncategorized|

Rising Association  Fees: A Growing Concern for Washington State Condominium Owners Condominium owners in Washington State, like their counterparts in Florida, are grappling with the increasing burden of rising association fees. As buildings age, the costs associated with maintaining common areas, elevators, roofs, and other shared amenities inevitably soar. This trend is exacerbated by unexpected [...]

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