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This article provides an overview of the types of insurance that an Association should and must maintain. The Board of Directors is responsible for ensuring that the legal and reasonable levels of insurance coverages are in place at all times to protect the members of the Association. This is a great responsibility and should not be taken lightly. A Warning of Importance As I instruct my staff on a regular basis, in the governance of an Association there is nothing that carries a higher risk of legal liability than matters of insurance. The potential cost associated with errors in this area...

Chicago is one of the United States’ largest cities, ranking third as of the 2010 census. New York and Los Angeles are the only two cities in the US with larger populations than Chicago. However, according to expatistan.com, the cost of living for Chicago ranks 11th in the nation, while New York ranks as the most expensive in 1st place, and Los Angeles ranks 7th. Not too terrible. On the cost of living index where, 100 is the national average, Chicago registers above that average at 112. That equates to Chicago’s cost of living being about 12% higher than the national...

Should You Allow Pets in Your Condo Building? As a property owner in Chicago you may be considering allowing pets in your buildings that you lease to tenants. There are many benefits to allowing the four-legged furry residents to join, but you should be aware of the downsides as well. While allowing pets to be a part of your rental community can add income, it can also bring some disadvantages to your property and your insurance coverages that you should know about. When making the decision for your property management team in Chicago to allow pets, be sure to consider the...

Advance Your Rental Property Business by Hiring a Property Manager If you own a rental property business, then your goal is to use the properties you own to make a profit. To do this, you need to have a steady stream of tenants and no vacancies, tending to tenants’ questions and concerns as needed. As a property owner, you can only handle so many properties. If you begin to become overwhelmed with tenant needs, its time to bring in the experts. The only way you will be able to advance your business is to hire a property management in Chicago for...

Busy Holiday Season? Utilize a Property Manager! Being a condo board member in Chicago is a wild and exciting ride in itself. It can be downright overwhelming if you are part of a self-managed association. There are the residents’ issues to take care of, financial bookkeeping, maintenance needs, emergency repairs, and so on. The list is quite long but when you throw in the busy holiday season, it can be too much for most people. That’s why it’s important that you take advantage of condo management services in Chicago year-round. Not only can they help you make sure you don’t miss...