New Haven Home Insurance: Understanding Community Associations

New Haven Home Insurance: Understanding Community Associations New Haven Home Insurance Understanding Community Associations

Last year, an estimated 26.3 million residences were governed under a community association, according to data collected by the Community Association Institute. Community associations often go by many names, depending on the type of community and properties which fall under their jurisdiction, including homeowners associations, property owners associations, condominium associations, and cooperatives (co-ops). While there are functional differences among each type of community, the fundamental responsibility of an association is to moderate, regulate and facilitate the overall well-being of a community with the purpose of protecting the value of properties in the community and the community as a whole.

Community associations are legal entities formed by volunteer community members, which operate similar to a business or municipal body. An association will often have elected officers who fulfill managerial and administrative roles and tasks, including establishing and enforce regulations for the properties within its jurisdiction.

When searching for a property in Connecticut, it is important to factor in the prospect that a property of interest might or might not be part of a community association. Should a home of condo that you are eyeing be a part of an association, experts recommend that prospective buyers obtain copies of the community association’s governing documents, including the Covenants, Conditions & Restrictions (CC&Rs) and review them thoroughly. It can also help to speak with members of the community, residents and property owners, to find out how they feel about the neighborhood as well as the association itself. Some community associations may be strict and highly regulated while others may be incredibly lax, either of which can create grief for residents.

When you purchase a home which is governed by a community association, membership is most often mandatory and membership fees will vary based on the community. The association fees are often collected either monthly or annual and used to pay for upkeep of common areas such as parks, recreational facilities, and swimming pools. These fees also often go towards street care, such as snow removal and street sweeping, as well as sidewalk care, community security and other community enhancements. The community association may also have the power collect extra fees from homeowners should the association lack funds for unexpected repairs in the event of an emergency or other communal disaster.

Buying a property governed by a homeowners association can be a huge benefit for property owners who are looking to invest in real estate which will hold or even increase its value, as associations typically have rules to prevent property neglect which could result in neighborhood decline. However, others may find the lack of total freedom over their property a major drawback.

Whether your new home is part of an association or on not, you’ll want to make sure you keep it protected. At Byrnes Insurance Agency, we are New Haven home insurance experts who specialize in helping our clients find complete solutions to protect themselves, their loved ones and all their assets. From homeowner’s insurance and condo policies to extended coverage for high-worth individuals, we can craft adaptable coverage to fit your lifestyle now and in the future. Contact our New Haven home insurance specialists today to learn more about protecting all of your investments.

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Dayville Insurance Office

Phone: (860) 774-85
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Insurance Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Insurance Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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