INSURANCE DEDUCTIBLES IMPACT ON RESERVE FUND BALANCES

The provided link leads to an article titled "Insurance Deductibles' Impact on Reserve Fund Balances" on the ToCondoNews website. The article discusses the impact of insurance deductibles on the reserve fund balances of condominium communities. It explains that insurance deductibles are the portion of a claim that the condominium corporation is responsible for paying in the event of an insurance claim. The article highlights that insurance deductibles have been increasing in recent years and can significantly impact the reserve fund balances if multiple claims occur within a short period. It explores the financial implications of insurance deductibles, including the potential need for special assessments or increased contributions to the reserve fund. The article emphasizes the importance of understanding the insurance policy and deductible amounts, as well as proactive financial planning to mitigate the potential impact on the reserve fund. It aims to provide information and insights to condominium boards and residents regarding the implications of insurance deductibles on the financial stability of the community.