Master association premium

MichaelS56 (Minnesota)
Posts: 858

Posted:

Just was notified that our association master insurance premium will be going up 21% in June.

CathyA3 (Ohio)
Posts: 6,299

Posted:

Quote:

Posted By MichaelS56 on 04/07/2023 6:43 AM
Just was notified that our association master insurance premium will be going up 21% in June.

Duplicate thread at https://www.hoatalk.com/Forum/tabid/55/forumid/1/tpage/1/view/topic/postid/347753/Default.aspx#347760

I re-directed it here.

Not surprised about this. I expect we'll see additional significant increases after the "dust settles" following the lively winter/spring weather season we're experiencing.

My association's premium was set last fall and is higher than yours. But we're condos with a greater proportion of common elements that are association responsibility. We also must carry all-included insurance, which means that in the event of an insurable event, the master policy repairs parts of the unit interiors (eg. drywall, flooring, cabinetry, plumbing fixtures and the like - the stuff that's fixed in place, in other words).

We do all of the usual things to keep premiums down, including raising the deductible and avoiding numerous small claims - but costs are going up in general, and insurance is one thing you don't want to scrimp on.