Healthcare Provider Update: Offers medical insurance through Aetna, dental via MetLife, and vision through VSP, with HSA and FSA options and wellness support from Lyra and Maven 1. As ACA premiums rise and subsidies expire, AvalonBays employer-sponsored plans with flexible spending and mental health support offer a more stable and cost-effective alternative to marketplace coverage Click here to learn more
Are AvalonBay Communities employees responsible for the damage caused by a tree on their property that hits their neighbor’s home or other insured structure, such as a garage or shed?
In most cases, the answer is “no.”
When such damage occurs to your neighbor’s home due to forces outside your control (e.g., weather events), your neighbors may have to file a claim with their insurer to receive a reimbursement for the damage a fallen down tree caused.
There is one exception, however.
If it is determined that the tree damage stems from your negligence (e.g., dead limbs that you refused to cut down, or you chose to trim your tree as a weekend project), then the neighbor’s insurer may come after you to recover their loss—a process called subrogation.¹
You may want to check your policy or speak to your insurance agent to ascertain if your homeowner's policy covers your liability in cases of negligence.
When Neighbors Sue
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Some neighbors may seek to bring legal action against you, though often that is unnecessary.
For those working at AvalonBay Communities, determine what municipal laws are in place to cover such instances. Generally speaking, you are not responsible unless you knew, or should have known, about the danger. Proving what you knew or should have known can be difficult and costly in a court of law. It typically benefits both parties to arrive at a compromise that avoids an expensive legal process.
The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.
What is the 401(k) plan offered by AvalonBay Communities?
The 401(k) plan offered by AvalonBay Communities is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does AvalonBay Communities match employee contributions to the 401(k) plan?
Yes, AvalonBay Communities offers a matching contribution to employee 401(k) contributions, helping employees save more for retirement.
What is the maximum contribution limit for the AvalonBay Communities 401(k) plan?
The maximum contribution limit for the AvalonBay Communities 401(k) plan follows the IRS guidelines, which are updated annually.
When can employees of AvalonBay Communities enroll in the 401(k) plan?
Employees of AvalonBay Communities can enroll in the 401(k) plan during their initial eligibility period, which is typically upon hire or during an open enrollment period.
What investment options are available in the AvalonBay Communities 401(k) plan?
The AvalonBay Communities 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
How can employees of AvalonBay Communities access their 401(k) account information?
Employees of AvalonBay Communities can access their 401(k) account information through the plan's online portal or by contacting the plan administrator.
Is there a vesting schedule for the employer match in the AvalonBay Communities 401(k) plan?
Yes, AvalonBay Communities has a vesting schedule for the employer match, which determines how much of the matching contributions employees are entitled to based on their years of service.
Can employees of AvalonBay Communities take loans against their 401(k) savings?
Yes, employees of AvalonBay Communities may be able to take loans against their 401(k) savings, subject to the plan's terms and conditions.
What happens to my AvalonBay Communities 401(k) if I leave the company?
If you leave AvalonBay Communities, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, or cashing it out.
Are there any fees associated with the AvalonBay Communities 401(k) plan?
Yes, there may be fees associated with the AvalonBay Communities 401(k) plan, which can include administrative fees and investment-related fees.
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