As insurance carriers continue tightening underwriting standards, many condo associations are facing non-renewals or higher premiums, especially when it comes to aging roofs, outdated electrical systems, and weak financial controls.
The CISA Fall Newsletter highlights several red flags that could put associations at risk, including:
- Roofs more than 20–30 years old
- Aluminum, cloth, or knob-and-tube wiring
- Outdated electrical panels (Federal Pacific, Zinsco, Sylvania)
- Missing or inadequate fidelity insurance coverage
These issues can make your building harder to insure and more costly to maintain. Proactive boards are addressing them now; commissioning system inspections, updating maintenance plans, and ensuring compliance with Illinois’ fidelity insurance requirements under Section 18.8 of the Condominium Property Act.
Strong financial oversight is key to maintaining compliance and staying insurable. Haus Financial Services helps Chicago-area associations with financial management, budgeting, and transparency — so your board can focus on protecting your building and your owners’ investments.