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Florida condo owners brace for rising insurance rates

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SINGER ISLAND, FL — Many South Florida condo owners are getting an unexpected holiday surprise — insurance payments are on the rise. It’s part of the state’s insurance crisis.

“Insurance has hit us hard this year.

The price increases are hitting condo owners as well as condo associations, passing the costs on to condo owners.

“This year, we have raised rates for unit owners simply because they can afford insurance,” Mr Neckermann said.

He said in some cases costs have increased by 40% from last year.

WPTV

Johannes Neckermann says his condo board had to raise homeowners association fees by 40 percent.

Florida property owners already pay the highest premiums in the nation, but the situation is only getting worse.

Many condo owners, especially part-time residents arriving in the winter, are finding this out.

“It’s a bit of a shock to anyone who hasn’t followed Florida all year,” said Robert Norberg of Arden Insurance in Lantana.

Experts say there are several reasons for rising premiums, all of which make it very difficult for insurers to survive.

“There have been claims issues over the years that have affected associations and individual unit owners and now Surfside. [condo collapse in 2021]And then there’s the problem of the recent hurricanes,” Norberg said.

Robert Norberg of Arden Insurance explains how snowbirds are surprised by rising HOA rates for condos.

WPTV

Robert Norberg of Arden Insurance explains how snowbirds are surprised by rising HOA rates for condos.

Condo owners will be hit twice by these rates, and then their own premiums will go up.

Similar to homeowners, condominium residents have the potential to purchase state-owned civil property insurance, which is already ballooning with over a million policies.

Florida legislators are supposed to meet December 12th special session We do talk about fixing insurance issues, but we make no promises that anything will be fixed anytime soon.

“They can’t force the insurance company to make a claim,” said Norberg. “The only thing they can do is help regulate fees for licensed carriers.”

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