It’s a ripple effect. Florida Condominium owners are facing increasing dues and assessments with the ballooning insurance premiums. And, the caveat is that despite this increase, owners can expect coverage restrictions.
This didn’t happen overnight. It’s the result of successive big storms in the country starting with the 2017 Hurricane Irma and compounded by claims fraud, increasing insurance costs and much more. Over the years, the losses on the part of insurance carriers have been staggering and they are passing it on to condo owners.
What should condo owners do? Learn more and contact your insurance broker to review coverage.
– Howard Handler, Gulf Shore Association of Condominiums