Condo/ townhome master insurance premium

Started by MichaelS56 • 4 replies • 223 views

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MichaelS56 (Minnesota)
Posts: 859

Posted:

Minnesota has been declared a state with significant hail damage each year since about 1997. As a result, the master insurance premiums are rising quickly and, in some cases, some condos are having their policies canceled. Like other states a few insurance companies have left the state. Our master insurance premium takes a big part of the Operating budget, and the percentage grows each year. UGH Difficult future lies ahead for many condos and townhomes.

CathyA3 (Ohio)
Posts: 6,299

Posted:

UGH indeed. My community is looking at hail damage right now, and insurance was mentioned.

And just because people live in states where hail hasn't historically been a problem doesn't mean they won't have issues in the future. There has been talk about shifting climate patterns - for instance, "tornado alley" seems to be shifting north and east. On the other hand, the "hail band" may also shift in the future.

Unfortunately all of the possible solutions to this involve lots of money.

LetA (Nevada)
Posts: 2,679

Posted:

It is coming to the point where hail or weather damage will not be covered by insurance or you will need a special rider
for said coverage. Perhaps a federal program like the Federal Flood insurance.

Honest Question, How much is the cost of the average hail damage repair? Maybe forgo the filing a claim and have a special account line
to cover natural disaster repairs. Negotiate with the insurance company to remove hail damage and keep the necessary liability coverage.

DeanJ
Posts: 1,786

Posted:

Quote:

Posted By LetA on 04/07/2024 8:30 PM
It is coming to the point where hail or weather damage will not be covered by insurance or you will need a special rider
for said coverage. Perhaps a federal program like the Federal Flood insurance.

Honest Question, How much is the cost of the average hail damage repair? Maybe forgo the filing a claim and have a special account line
to cover natural disaster repairs. Negotiate with the insurance company to remove hail damage and keep the necessary liability coverage.

A federal program to cover hail damage to homes? In your dreams. There are members of Congress expressing their desire to reduce the current flood program to exclude beach properties.

ElleN (Idaho)
Posts: 4,420

Posted:

Quote:

Posted By DeanJ on 04/08/2024 1:59 AM
There are members of Congress expressing their desire to reduce the current flood program to exclude beach properties.

Congress has been talking about this since at least 1992. Seehttps://www.nytimes.com/1992/06/21/realestate/insurance-plan-worries-beach-residents.html

I predict it will not happen until the effects of climate change are much much worse.

Greed, ya know.

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