Insurance Costs on the Rise: What Can Community Associations Do? (FL)

With a major hurricane making landfall somewhere in Florida on nearly an annual basis over the past several years, Florida’s property insurance market is in turmoil. Many carriers have left the state and those carriers still willing to write policies in the state have drastically increased the cost of their annual premiums. Many of our clients have reported annual increases of 20-30% per year over the past several years. The turmoil of rising insurance costs and a limited pool of insurers not only impacts homeowners, but also community associations who are required under Florida law to maintain property and casualty insurance for association property.   Read the article…………………………….