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As part of the Directors at any condominium association or HOA, you know that it is imperative for the Board to keep the largest budget line items under close control. With the last 5 years of favorable tropical weather patterns and upgrades to construction and finishes standards, Insurance Carriers have been adjusting their rates to stay competitive on the open market. Recently, we have seen extensive changes occur for Florida Condominium Associations; especially those in South Florida.
Insurance premium increases impact many South Florida condominium associations to a tune of over 80% to 100% year to year. Major reasons for this increase can be attributed to factors such as the lack of competitive participation by insurance companies, over-regulation and insurance agents’ failure to be a solutions facilitator; choosing rather to simply be a premium collector. Unfortunately, a lot of these cases come from poor association planning in tackling these personal professional issues.
Statewide Insurance Partners have some exciting news for you and your association!
We want to put your association and/or HOA and its’ Board of Directors in the driver seat with the appropriate information and education to make an informed decision on what is best for the residents of the condominium. We have done an extensive market analysis in the Tri-County area and we are successfully driving savings for condominium associations with an average of 15% to 25% on the yearly premiums.
Because we insure all types and sizes of condominiums throughout Florida and use all available carriers, we may have better insight than your local agent when projecting insurance costs.