'We do not have insurance. We have an insurance bill': Condos hit with 563% rate increase

[Eugene]

Source: USA Today

'We do not have insurance. We have an insurance bill': Condos hit with 563% rate increase

Mark Harper, USA TODAY
Sat, December 2, 2023 at 5:15 AM EST·8 min read

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For Baker and many other Florida condo owners, the very concept of insurance – to ease worries during times of distress – seems lost, especially after the 2021 collapse of the Champlain Towers South in Surfside and the two-punch combo of the 2022 hurricane season: Ian and Nicole.

The latter storms just over a year ago pounded a seawall outside the Marbella Condominiums, then destroyed a pool and deck area. And the Surfside disaster, which killed 98 people, shined a light on structural safety, delayed maintenance and the need for the state to enact more strict regulations to prevent future collapses.

As bad as all of that was, for Baker, the real disaster arrived in December 2022: the property insurance bill for Marbella, where he serves on the condo association’s board.

For the 24-unit building, property insurance jumped from $40,534 for 2022 to nearly $269,000 – a 563% increase. And Rob Lasch, another Marbella board member, said he’s expecting another increase when the policy offer arrives, which could be any day now.

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Read more: https://finance.yahoo.com/news/not-insurance-insurance-bill-condos-101500766.html

Original USA Today link (login required): https://www.usatoday.com/story/money/personalfinance/real-estate/2023/12/02/daytona-beach-shores-condo-insurance-increase/71770152007/?gnt-cfr=1