Association Master Insurance premium

Started by MichaelS56 • 5 replies • 236 views

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MichaelS56 (Minnesota)
Posts: 859

Posted:

What are people hearing about their increase in the Association insurance premium for the next year? We have been told because of the many storm damages, the Texas freeze and Minnesota hail that Association insurance premium may go up 15-25% for 2023.

TimB4 (Tennessee)
Posts: 21,062

Posted:

Keep in mind that this will vary State to State.

I'd suggest getting quotes now prior to the increase to see if you are getting a fair price for your area.

MaxB4
Posts: 3,513

Posted:

Forget the disasters that states may have suffered, just inflation itself will hike the price as much.

BillH10 (Texas)
Posts: 1,217

Posted:

In the last 10 days, 2 small condominium clients (less than 20 units, 2 buildings, no loss run history, 30+ years old, brick facade over standard wood framing) have renewed property and liability insurance policies. One had a 9.8% premium increase, the other an 11.2% premium increase. There were no increases in D&O and other policies which do not insure elements of the property.

Both are located in the city of Dallas, fortunately for both they are located in power grid sections which include a large hospital campus and hence are not affected when ERCOT (the grid manager) mandates power management strategies.

SheliaH (Indiana)
Posts: 6,964

Posted:

Quote:

Posted By MaxB4 on 08/17/2022 5:23 PM
Forget the disasters that states may have suffered, just inflation itself will hike the price as much.

And we can't forget Surfside - I'm pretty sure insurance rates will fly up for that reason alone....

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

JdW (Texas)
Posts: 40

Posted:

Rate increases in Texas in older condos (20+ years) with 2021 freeze claims are getting over 100% premium increases.

For places without claims, it's more like 25%-30% from my discussions with agents.

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