Question:
We are a 5 unit condominium property. HOA is run by home owners. We need to increase our monthly dues do to increase in insurance costs. We do not have a 100% vote. If we do not increase we will not be able to pay our insurance premium in 2024. What can we do?
– Barbara
Answer:
Hi Barbara,
First, it’s important to check whether or not your governing documents require a vote to increase the monthly dues. Most boards don’t need approval from the membership to raise dues. In Tennessee, boards can generally increase dues by however much they see fit to meet the budget and needs of the association. If your governing documents require a vote, then you must educate everyone on the importance of insurance for your HOA and let them know that raising dues will allow you to meet the insurance requirements.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
