Question:
This question is submitted by Darlene S. out of Florida
I own a Florida condo. Understandably we are facing a 2023 Special Assessment for recent increases in our Master Insurance Policy. I understand this increase and the need for a Special assessment to cover the unexpected increase.
However, our Board is already planning to issue a Special Assessment for an increase in insurance prices for 2024. Shouldn't our Board plan to budget for 2024 insurance by planning to increase monthly dues as opposed to a Special Assessment?
The 2024 increase is not unexpected or unanticipated. I think they have a fiduciary duty to budget for the increase rather than planning to simply issue a Special Assessment. Please, advise me.
However, our Board is already planning to issue a Special Assessment for an increase in insurance prices for 2024. Shouldn't our Board plan to budget for 2024 insurance by planning to increase monthly dues as opposed to a Special Assessment?
The 2024 increase is not unexpected or unanticipated. I think they have a fiduciary duty to budget for the increase rather than planning to simply issue a Special Assessment. Please, advise me.
Thoughts?
Answers (12)
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