The National Oceanic and Atmospheric Association (NOAA) predicts that up to 25 named storms could be expected this season. Is your Miami condo prepared?
Floridians know both the importance of insuring against hurricanes and flooding and that, recently, insurance has become a significant cost burden, especially for Florida condo communities. Still, insuring and protecting your South Florida Condo community is a necessity, and understanding why it is so costly can help justify the expense to your members:
- The Surfside Collapse – The 2021 tragedy led to stricter requirements to get insurance, especially for coastal condos.
- Fewer Providers – Since then, over a dozen providers have stopped insuring Florida condos altogether, overwhelming remaining providers, who have increased rates in response.
- Not Enough Legislation – Although lawmakers have attempted to control the increasing costs of condo insurance in Florida, many of those attempts have not become law.
The cost of keeping your Miami condo or HOA safe is high this year, no doubt. But the silver lining is that insurance rates can be negotiated through your insurance agent.
If your South Florida HOA or condo community needs help starting that conversation, click here.
Albert Zamora, Broker
Tratasha “Tasha” McCloud