Will Insurance Rates Rise?

Lisa Magill recently wrote an article of interest about Condominium property insurance in Florida: Citizens' to Increase Condo Insurance Premiums by 20%

She writes:

"Citizens' Property Insurance is the state-run, not-for-profit insurer of 'last resort' in Florida, created in 1992 and operating pursuant to Section 627.351, Florida Statutes. It insures over 23,000 commercial residential properties in Florida and recently issued an Agent Technical Bulletin notifying the public of its intent to increase premiums for policies affording coverage to properties valued in excess of $10 million. Many policyholders will see rates increase by 20%. Insurance premiums are often the most significant line item in a community association budget. Communities already struggling with shortfalls and bad debt need to take the increases into account when preparing budgets for the upcoming year."

I don't know if this will have an impact on TAJ's insurance or our budget, but I thought I would bring this development to the attention of the finance committee as they go into the new year and the new proposed budget.