Raise in HOA Insurance Premiums

Honestly, it is not unusual for this to happen now a days. Plus your HOA upgraded items. Which does not read "less insurance to be paid". It most likely means more as you have nicer things you did not have before. The irony is real.

I would suggest doing a full evaluation on what your HOA insurance covers and if it will meet your needs. You can shop around to ask who provides HOA insurance. There are not that many that offer this. Plus they often do "bundles" which includes items may not need/want. It's just part of the "deal".

When I did an insurance look, found out we just did not have the necessary coverage to replace items at today's costs. Our choice was to increase insurance. We just could not afford the new rate unless we raised dues. That goes over like a lead balloon. However, that is the purpose of paying dues. It is to cover the expenses of the HOA. Also you can play around with the deductible that needs to be met. Which is another uncomfortable subject matter. That is because it can be as high as $20 K for a deductible. Meaning a special assessment could be put into play if anything were to happend.

Our association raised the deductible to $40,000, three years ago and this year our master insurance premium is adding on a 2% wind and hail expectation to all of the owners HO-6 policy.

The total award was 1 billion $. Surfside was a drop in the bucket compared to a multiple tornadoes hitting an urban areas and taking out 50-$200,000 homes at each site.

Interestingly, our individual owners are reporting that their insurance premiums are going down this year or only increasing slightly. We are waiting for our master association insurance policy renewal (it renews next month) so we'll see. We got dropped again for the liability portion because of a couple of slip and falls, so our broker is having trouble trying to find a replacement company. One of our condo sub-associations had a massive reduction in their insurance premium because all the buildings got new roofs.

There was a huge backlash here in Florida because of the increases in insurance rates over the last couple of years. Lots of bad publicity about uncontrolled insurance companies and how the state insurance commission was useless. High insurance prices forcing people to move out of the state. That makes the governor mad, so I think the insurance companies are pulling back on increases, at least for this year. And they are probably increasing rates in other states to make up for it.