ARTICLE CONTRIBUTED BY: ROXANA DORIGO, EXECUTIVE VICE PRESIDENT OF FINANCE, KW PROPERTY MANAGEMENT & CONSULTING Florida community associations and property managers are grappling with the combined challenges of budgeting for rising insurance costs, funding reserves, elevated interest rates and addressing projects that have been deferred to comply with new state laws. Good news, board members and managers do not need to combat these obstacles alone. At our KWPMC managed communities, we have invited insurance agents for town hall meetings to ensure board members and owners are armed with as much timely information and guidance as possible before budgets are finalized. Agents predict insurance costs will rise between 25% and 30% next year – and possibly higher, if another major storm like Hurricane Ian occurs. However, insurance is hyper-specific to each building. Coastal buildings are likely to see bigger premium increases than inland buildings, for instance. If a building is plagued

ARTICLE CONTRIBUTED BY: TRISH BAKER, GENERAL MANAGER, AT KW PROPERTY MANAGEMENT & CONSULTING The annual budget season can often be a complex and challenging process. With careful planning and collaboration, however, it can become a smoother and more effective endeavor. Here are best practices from one of KWPMC’s lifestyle General Managers, to successfully navigate through your HOA budget: Timeline: It’s important to start your budget preparations early, while keeping in mind that budgeting shouldn’t be confined to a specific time of year. Instead, consider budgetary implications throughout the year to avoid any last-minute surprises. Involve the entire board in the budgeting process. This collective effort brings diverse perspectives, leads to more well-rounded decisions, and establishes a clear timeline. Clearly communicate the timeline for the budget process, including when budget workshops will take place and when approval meetings are scheduled. Record budget workshops, review sessions, and important announcements via video. Share

As an HOA or Condo Association board member or manager, it’s important to stay informed of industry trends and regulations to succeed. Keeping up with the latest information can seem daunting, but proper education is vital for a community association’s success. While the good news is that KWPMC ensures that our management team and your onsite teams are always up-to-date through constant communication, updates, team meetings and internal trainings, it is also important for boards to stay up to date. Beyond the offerings that KWPMC provides its board members on a regular basis, here are some additional tips on staying up-to-date on what’s going on in the industry that will help your board (and its members) be informed and prepared for whatever comes their way: Why You Need To Know The Latest Trends & Regulations Staying educated on the latest regulations, trends, and challenges that community associations face can be

With hurricane season quickly approaching, and as the old saying goes, “chance favors the prepared.” Hurricane season starts on June 1st and extends through November 30th. Here are some tips to help prepare your 2023 hurricane preparedness guide, as well as provide actions that you can take before a hurricane makes landfall. The time is now to prepare your community for every possibility! First things first: Make sure that you and your board members know when to sound the alarm. Brush up on your “hurricane terms”: Hurricane Watch – This is a first notice and means that the eye of a hurricane may threaten within thirty-six (36) hours. Preparations should begin for coping with storm impacts and possible evacuation, if necessary. Hurricane Warning – This warning indicates that the dangerous effects of a hurricane are expected in a specified area within 24 hours or less. Storm Surge – This is

Contributed by Becker Law, Shareholder Joseph E. Adams Unfortunately, Hurricane Ian was a historic storm that left a wide and substantial swath of damage across Southwest Florida. Here are a few important lessons learned, post-Ian as we move into the coming hurricane season: Flood Damage: A significant part of Ian’s damage resulted from rising water, which is generally and generically referred to as “flood damage”. It is very important to note that flood insurance and processing flood insurance claims is covered by federal law, not Florida law. Among the notable differences, federal law requires that a “Proof of Loss” be filed for flood claims within 60 days, and the statute of limitations under flood policies is one year. Disaster Recovery Contractors: There are a number of large national companies, as well as others, who employ large crews of “storm chasers”, and arrive at disaster sites to shore up the property,