AdministratorApril 28, 2022 at 7:55 am
Just one person’s opinion: Having some funding available to fund an insurance deductible is wise. Deductibles are very large these days compared to the past.
The alternative would be s special assessment when a claim occurs. I believe the board of a condo can make that decision. When updating one’s bylaws, it might be a consideration.
In my experience, there are many folks who do not want the condo to have adequate reserves and just want special assessments when needed. I do not like that kind of system, but it is an owner decision.
A key question: how quickly do you try to build up the account for the deductibles?