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My insurance policy [on a commercial downtown building converted into apartments] jumped by a huge percentage this month. We have had a $2,000 a year policy, and they just quoted us $25,000 a year.
I explained the reason that the agent gave me, but then was scolded for saying it.
Insurance companies have seen a sudden increase in claims for urban property damage.
It has affected the actuarial tables.
Sorry I must have missed it. I know you keep rents low to help people so what are you going to do? I really admire that you’re helping people that don’t make a lot of money.
Sorry I must have missed it. I know you keep rents low to help people so what are you going to do? I really admire that you’re helping people that don’t make a lot of money.
For right now, we have a policy that is only personal liability. It is not comprehensive or to protect the property.
On the first floor we have a church that rents on Sunday mornings, on the second and third floors we have twelve apartments and a laundry room. The church is on a six-month lease.
Our agent said that if the church could get a $1M personal liability policy for themselves, that would open other options for us. I told the church deacons about this issue, and that if nothing else changes, we may need to cancel their lease at the end of the current six-month lease.
n 2022, by Beth-El's count, Milford had 221 cases similar to Crenshaw's — people age 55 or older on fixed incomes at imminent risk of homelessness due to rent increases that they cannot afford. Last year that number rose to 347, Paradis said
Maybe.
I have no idea even though we record our spending.
If short, then take more from retirement funds. Current withdrawal rate is 4.1%. Of which QCDs are 0.06%.
MQ, prices for D & O insurance premiums have risen significantly nationwide from what I have read so it makes me wonder if these insurance companies are having a lot of claims. Of course without good insurance no one would volunteer to be on the board. It’s still incredibly difficult to get people to run for positions.
I have been on the board 3 years and my term is up soon and I’m not running again. It’s been a ton of work between having to change management companies because of incompetence and lacking a full time maintenance man for 16 months. The board has had to take on many tasks that it wouldn’t normally do.
This is actually the insurance for the 14 buildings and the grounds that make up.the joint ownership part of the property (of course we all have our own "walls-in" insurance for the interiors of our units). I know you live in a single building condo. Ours are townhouses and single-story "ranch" units with separate entrances, HVAC, and so forth.
We have an excellent property management company, thank god. But there is so little interest in being on the board that I had resigned when I was liviing in Canada but they asked me to please rejoin after no one else showed an interest. I attended meetings from 500+ miles away via Zoom.
Now there is a young guy, a new owner, who comes to the meetings and is interested in being on the board. I think when my term runs out, I will not run again and let him have a shot. As I've posted already, I am looking at other locations; in fact, I am posting this from Pittsburgh, which is one of them.
It is stunning, though. 122 owners and most of them don't care enough to even show up when a quarterly meeting about issues that concern their property is discussed.
This is actually the insurance for the 14 buildings and the grounds that make up.the joint ownership part of the property (of course we all have our own "walls-in" insurance for the interiors of our units). I know you live in a single building condo. Ours are townhouses and single-story "ranch" units with separate entrances, HVAC, and so forth.
We have an excellent property management company, thank god. But there is so little interest in being on the board that I had resigned when I was liviing in Canada but they asked me to please rejoin after no one else showed an interest. I attended meetings from 500+ miles away via Zoom.
Now there is a young guy, a new owner, who comes to the meetings and is interested in being on the board. I think when my term runs out, I will not run again and let him have a shot. As I've posted already, I am looking at other locations; in fact, I am posting this from Pittsburgh, which is one of them.
It is stunning, though. 122 owners and most of them don't care enough to even show up when a quarterly meeting about issues that concern their property is discussed.
We have 150 units and no interest in the board either. I have told some people that there’s an opening and no one is interested. We have 5 positions and 3 needed to have a quorum. The other people have been on for 7 years. They don’t think they will be able to fill my position. It’s gotten very stressful and 3 years is enough. I don’t understand the disinterest either.
In Nevada if you don’t have an owner board the state takes it over and charges a lot to manage it. Because we have 2 big buildings with inside hallways and boiler systems for heat, water and AC we have a lot to deal with. We haven’t had good luck with management companies either. How do you like Pittsburgh?
We have 150 units and no interest in the board either. I have told some people that there’s an opening and no one is interested. We have 5 positions and 3 needed to have a quorum. The other people have been on for 7 years. They don’t think they will be able to fill my position. It’s gotten very stressful and 3 years is enough. I don’t understand the disinterest either.
In Nevada if you don’t have an owner board the state takes it over and charges a lot to manage it. Because we have 2 big buildings with inside hallways and boiler systems for heat, water and AC we have a lot to deal with. We haven’t had good luck with management companies either. How do you like Pittsburgh?
So far, so good. I got an apartment. Going to spend half my time here for the next six months. Honestly, it is more about escaping my regular home than Pittsburgh itself. It's just the location on my radar because daughter lives here and she said she wouldn't mind if I lived closer (so I am on the same street lol), but the main draw is solititude. My daughter has a life here. She isn't going to be bugging me as much as Intrusive Neighbor Friend, and my brother is in my NJ condo so I have no home of my own there anymore. This is an experiment. And it's three hours closer to the fam of the late Canadian, so I can visit there more easily, too.
"If I don't get some help, then I am just going to have to bite the bullet and pay what it is."
Hmmm. It sounds like she doesn't need help after all - if she doesn't get help, she will bite the bullet and pay.
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