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Proven Tips to Choose a Reserve Study Company

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Reserve Study Company

A homeowner association should have well-estimated and sufficient reserve funds to maintain the assets of the community and make it a happy-living place for the homeowners. That’s where a reserve study Company can help an HOA to make an informed decision of how much amount should it keep in a reserve fund to carry out repair and maintenance activities without any financial hurdle.

But determining the health of the assets, estimating when it will require repair and how much money will be needed is not easy. It can get complex and on top of that, there is a little margin of error. That’s why it’s important to hire a good HOA management company to eliminate the possibility of any trouble.

But the important question is how to determine which company is the right company to hire with so many options out there? Here are some tips to consider to help you find the right company, and ditch those making just false claims.

  1. Experience & Know-how

It’s a matter of the wellness of the community and its people, so the homeowner association definitely can’t afford to take a risk in this matter. In fact, that’s the reason you are hiring a firm because you don’t want to face any lapse. So, hiring an unqualified and inexperienced firm for a reserve study is out of the question.

Check out the portfolio of the concerned company, and see how many projects they have served so far. You can also conduct interviews and ask them relevant questions to know their knowledge. Don’t let some random people mess up your future plans and the community’s well-being.

  1. Procedure and Process

Besides experience, the procedure and process of the hired company also play an important role when it’s about getting the best estimation of the condition of the assets and funds required. Obviously, you don’t want a firm that just analyzes the condition verbally without using standard procedures. It’s just a waste of money!

So, the best thing is to check their documented procedure or ask them about it if they don’t have a document. That way you will find out the company really does what it says or it’s just a verbal play to get clients.

  1. Online Reviews

Online reviews are one of the best criteria to know the quality of services of a business. A firm can tell a lie, testimonials on the website can also be made up, but the company can’t buy so many people to give fake reviews. So, if a company has many online reviews, it’s a signal that real people are behind these reviews. You can check them out. Don’t rely on a few reviews. Read 10-15 reviews to get a clear picture of the quality of services of the company. If people are talking good about them, they are worth considering, otherwise, just move on to the next option.

  1. Budget

You want the best reserve study company under your belt, but remember all the best things have a price. So, even if you want the best, you should keep an eye on your budget. How much can you spend? That’s one of the most important questions you should ask yourself.

You can play smart to minimize the expenditure. Like, it costs you more when you hire two different firms, one for the physical analysis and the other one for financial analysis. So, you can find a midway. Like, you can hire a firm that can conduct both analyses. This will save you money and you can hire a better firm in the same budget that you might have wasted on two.

  1. Location

It’s better to hire a company that operates near your location. It can help you in the long run. For example, you can easily visit the office when required. It bridges the communication gap that helps in smooth working. It also means the selected company will also know about the local dynamics and conditions that will help to give a better estimation of the condition.

Conclusion

A reserve study is very important for an HOA and a community, so don’t take hiring of a reserve study company lightly. Instead of hiring any company, you find online, it’s better if you do thorough research and analyzes the goods and bads of the company before hiring them. After all, it’s a matter of the wellness of the community, so you should hire the right company with the right knowledge and work ethics for the best outcomes.

 

 

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Health

Get the Best Individual Health Insurance Plan at Best Price in Switzerland

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Health Insurance Plan

Every Franc counts when you earn. Therefore, one must spend every Franc judiciously. Switzerland, the land of the best healthcare system, is responsible for choosing its residents’ quality of medical care. While you have to select the most suitable plan, you don’t need to worry as the tool available offers easy health insurance comparison in Switzerland. Here are tips on how to get the best individual health insurance plan. 

You may be a permanent citizen of Switzerland or a temporary resident; everyone must be under medical cover. If you are an expatriate, you are legally bound to take out at least the basic health insurance cover within three months after your arrival. If you fail to do so, the local authority will assign you a health insurance plan, which might be of a higher premium.

What is Individual Health Insurance System in Switzerland?

You can understand Health insurance in Switzerland like this: 

There is this basic insurance, which is mandatory. This insurance is your right, and no insurer can refuse to grant it to you. You are entitled to all the essential medical facilities under this cover, such as consultation from general practitioners, nursing services, psychiatric care, accidents and trauma treatment, ailments, and maternity. The price of this insurance cover is the same across insurers. Law does not permit to make profits on the basic health cover.

Then there is supplementary insurance, which you can add as a top-up on the basic insurance cover. You can select a plan that works best for you according to your affordability and needs. It is this insurance cover where you strike good deals and get discounts. 

How Do I Get the Best Price on Individual Supplementary Insurance Cover?

Unlike basic insurance, you have the flexibility to design the insurance cover, the deductible, the premium, the services you are entitled to, and hence your yearly expense on your medical needs. 

A supplementary insurance cover is a combination of two essential parts, a deductible and a premium amount. The lowest deductible that you can pay is CHF 300. It is mainly the deductible amount that decides the premium. The more the deductible amount, the lower is the premium. Let’s now see how to control premium effectively. 

Control the Deductible

Under what conditions should you increase the deductible and decrease the premium and vice versa?

If you are fit as a fiddle and do not require medical help frequently, raise the deductible to reduce the recurrent price of the premium. The highest deductible that you can opt for is CHF 2,500 approximately. 

Cash in on Your Age

With health insurers, this is a global practice that the younger you are, the better insurance premium costs you enjoy. It applies to the Switzerland insurance market as well. Insurance companies see young, disease-free customers as a profit proposition and hence lucrative insurance costs. The mantra, thus, is to take out supplementary insurance as early as you can. 

Draw Benefit from the Canton’s Laws

Every canton in Switzerland has its regulations around the deduction of premium. After you have calibrated the premium versus the deductible you are comfortable paying, find out the deductions permitted in your canton and lower the price of your individual insurance. This is your privilege, as it is for almost 25%–30% of the residents who benefit from canton-specific laws.

Switch Insurers to Get the Best Individual Insurance Price 

You have all the opportunity and legal right to explore insurers for discounts and features they offer at a designated time in a calendar year and get the best price for your individual health insurance. Insurers are bound to communicate the premium to you by the end of September. You can choose to stick to the insurer or move to another one for a better deal. You must complete this process of intimating the insurer for termination of the insurance and signing up with the new insurer by the end of December. 

Split or Combine Basic and Supplementary Insurance to Get Best Price

You have another lever to get the best insurance price in the market. This lever works by exploiting the option to merge or split your basic and supplementary insurance. Here is how you can perform this comparison  [Website in French ->  —evaluate the overall price of your individual insurance; if a single insurance provider gives you both the basic and the supplementary insurance versus two different providers letting you enjoy a better deal. 

Exclude Accident Cover to Lower the Price of Your Individual Insurance 

Here is another tip to reduce the price of your insurance. If you are employed for a minimum of eight hours a week, you do not need to pay for occupational and nonoccupational accidents. Your employer bears this expense. 

Pay Lump Sum to Get the Best Insurance Price

The payment terms you decide with your insurance provider impact the price of your insurance. You can choose to pay 100% in advance or pay semiannually instead of annually. The benefit you draw from such payment terms is discounts that most insurers extend to the customers. 

There are plenty of modes to control the price of your health insurance. Invest a little bit of time evaluating the options for better savings on your individual health insurance plan.

Read Also : 4 Great Business Investments to Make in Your First Year

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