Sample report — illustrative only. Fictional Nevada property used for demonstration.

Sample report — Nevada

Mountain Shadows at Reno, NV

112-unit hillside HOA, built 2015

Overall riskElevated

The reserve study is current under NRS 116.31152 but funding is roughly 40% of recommendation, the wildfire endorsement was non-renewed at the most recent cycle, and the 9-month super-lien environment makes the small delinquency cluster worth pricing in. The 5-day rescission window is the buyer's most useful protection.

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Key findings

Nevada-specific findings

Elevated

Master Policy Declarations, line 14 + Renewal Notice 2025-11-08

Wildfire carve-out at most recent renewal (AB 376)

What we found: Prior carrier declined to renew wildfire coverage at November 2025. Association moved to surplus-lines wildfire endorsement at 1.5x prior premium with a $50,000 per-event deductible. Underlying property coverage continued with the same carrier.
Why it matters: Nevada AB 376 (2025) explicitly allows insurers to carve wildfire out of homeowners coverage. For Reno/Tahoe-adjacent associations, wildfire treatment is now a market decision, not a guarantee. Loss-assessment exposure rose materially this cycle.
What to ask: Is the wildfire endorsement renewable at current terms? What's the board's mitigation plan to keep surplus-lines markets engaged?

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Elevated

2024 Reserve Study (CRS) + Operating Budget, line 27

Reserve study current but funding at 40% of recommendation

What we found: Reserve study completed 2024 by a licensed Certified Reserve Specialist as required by NRS 116.31152. Study recommends $186,000/year; budget allocates $74,000/year. Funded ratio is approximately 40%. RED filing made within the 45-day window.
Why it matters: Nevada requires the study but not the funding level. Underfunding is legal but predicts special assessments. The board has authority under NRS 116.3115 to raise assessments without owner approval to fund reserves — useful for fixing the gap, painful for owners.
What to ask: What's the board's plan to close the contribution gap? Are special assessments being modeled into the 3-year budget projection?

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Moderate

Delinquency Report + NRS 116.3116

9-month super-lien — limited unit delinquency cluster

What we found: Aggregate report shows 7 of 112 units (6.3%) more than 60 days delinquent. Three units are in active non-judicial foreclosure (trustee sale stage). This unit is current with no recurring lien history.
Why it matters: Nevada's 9-month super-lien is among the longest in the country, and non-judicial foreclosure is efficient. Lender exposure is real even when this unit is clean. Recurring delinquency drives operating-budget stress.
What to ask: What's the trailing 12-month collection trend? How is the board managing the three units in foreclosure?

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Low

Resale Package + NRS 116.4109

Resale package complete with 5-day rescission preserved

What we found: Resale package delivered 4 business days before scheduled closing. Estoppel fee at the $185 statutory cap. Package is binding for amounts disclosed. The buyer's 5-day rescission right is preserved for one more business day after receipt.
Why it matters: Nevada's 5-day cancellation right is one of the most useful in the country. Most states don't have it. The package is binding — the dollar figures are reliable.
What to ask: Do I want to use the rescission window for additional review? Is there anything inconsistent between the package and the recent minutes?

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