CAI-NJ JulyPROOFUpdate.pdf

J U L Y , 2 0 1 7

Let us work with your

association to find the right

coverage, at the right price.

Felsen Insurance Services, Inc.

3155 Route 10

Denville, NJ 07834

Phone: 973-361-1901

Fax: 973-361-2660

info@felsen.com

Isn't it about time you took a fresh look at

your community's insurance program?

Are you looking for personal, professional

service and attention?

Condominium Insurance

alent in communities, the need for significant repair and/

or replacement of siding becomes a grim and costly reality.

Communities can begin to look aesthetically “weathered”

and “old” even with sufficient and proper installation.

Siding repairs and replacements may become a greater

part of the operating or maintenance budget, and it makes

economic sense to replace and upgrade the system.

Management may begin to experience frequent com-

plaints about water infiltration and interior damage. The

interior damage to the framing members, sheathing or unit

amenities becomes urgent and very significant. Once

these telltale signs start to occur, a replacement of the siding

becomes crucial. At this point in time, the cost of mainte-

nance will become significant and a phased replacement

of the system is, in all likelihood, a financial reality.

The need to efficiently budget for siding replacement

and/or the inspection of installation and materials should

start at the transition phase of a community association.

This will enable the repair of deficient installation and the

proper funding of this replacement item. Unfortunately,

older communities do not have this luxury; however, starting

to fund for siding replacement at any time is paramount in

maintaining the integrity of older communities. When the

time arrives for siding replacement, some funding is clearly

better than none at all, but being fully-funded is the ultimate

goal.

If you live in a new or aging community, have your siding

system checked for the materials’ existing condition and

installation detailing during an updated capital reserve

inspection. Review leak history that is associated with sid-

ing and windows. Incorporate any recommended repairs

into the association’s transition agreement or preventative

maintenance plan. Proper and continued maintenance

and repair, from highly qualified personnel, will prolong the

useful life of any system.

Whether it’s EIFS, stucco, wood, vinyl, aluminum or

adhered stone veneer siding, take the educational infor-

mation included in this article and make a determination

to include the eventual replacement, either in a phased

fashion or in total, of all of the communities siding in the

association’s Capital Reserve Funding Plan.

SIDING/TRIM...

from page 29.