Harris is your one stop shop for Condo Association Insurance!
There are many factors which go into insurance quoting, and at this moment there are a majority of increases all over the board. From active storm seasons, including the 2022 Atlantic hurricane season, to the recent Surfside building collapse, there will be an anticipated 40% increase an impact to condominium association insurance quotes in 2023. Being in the beautiful Emerald Coast filled with condos of all shapes, sizes, prices, and insurance coverage, we thought it would be helpful to fill you in on all condo happenings! We also want to shed some light on why there will be such increases and how we are here to shop for you during these increases! Here are some of the topics which can cause some increased quotes in 2023.
1. Storms
they come and go, they leave us and many other insurance providers and even customers in a tough place. The insurance market becomes a bit more restricted due to tropical storms and hurricanes. As we are approaching the very last leg of this season (it ends on November 30th and we cannot wait to see that date!)There is still some activity that creates some problems for claiming processes and even insurance shopping.
2. Condo Updating
Condo insurance will see some increase due to so many updates that need to happen. As more options become available for condos in terms of building updates/renovations, there are still chances that older wings of these developments can be subject to the same increases in insurance quotes. It may be a tough and time consuming process to update an entire community, and for insurance purposes, many companies prefer the updates to be finished across the entire complex in order to receive any credits or consideration for credits on their policy.
3. Unstable or Tragic Building Accidents.
Even though it is still unclear why the Surfside condo collapsed and whether the property insurance policy would cover it, many insurance companies have already become more restrictive when writing condo policies. As a result, several companies have already reduced the age of the structures and roofs they will write about. Additionally, carriers are now requesting more documentation, such as board meeting hearings, financial statements, and inspection reports, before providing coverage. Due to the litigation that will follow, this won’t just be a worry for property insurance; it will also be a concern for general liability, directors & officers, and umbrella liability.
4. Increased Water Damage Claims
It is no secret that we see claims about water damage throughout the entire year, and especially during hurricane season It’s unavoidable for our state. We are a peninsula with coasts surrounding us, a humid tropical climate, and frequent rain storms which develop further from June to November.
5. A Building’s Age & Location
Ratings for seaside condominiums are heavily influenced by their age and location. With many around each coastline, there are a lot of different variables for age here. Many of the condominiums constructed during the 80s Florida condo boom are now 40 years or older, and this is the point at which, plumbing-related issues, as well as other age-related problems become more prevalent. Additionally, a lot of insurance companies that still offer policies on older condominiums now want documentation of improvements, particularly the roof, plumbing, and electrical.
As Harris continues to help everyone with their insurance needs, condos play an important role in both Florida Living and insurance shopping. Many condos and their associations need good insurance due to the five things listed above, but they also need quality policies that can ensure that any losses can be financially resolved when time is a necessity. We always want to help you, or your association thrive when it comes to shopping for the best quotes and equipping your building with the most comprehensive policies.
Remember to keep in touch with our friendly insurance agents if you need some quick info or advice. We are here to help answer any questions you may have when it comes to all things condo insurance! Drop us a line at service@harrisinsurance.com or call us at 850.244.2111
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
