Rising Insurance Premiums and Associations
If you’re living in a Florida homeowners association or condominium association, chances are you have just received the proposed budget for the subsequent fiscal year. If you are losing your mind over the 20-30% increases, you’re not alone. There are many reasons, but the most notable of late are the insurance premiums. With many insurance companies leaving Florida or applying for bankruptcy, premiums have skyrocketed for the remaining insurance companies.
Calls have been coming in asking us how to keep assessments low. There is very little we can do to combat the rise in prices, but there are techniques we recommend in structuring the assessments. Our firm can help you carefully plan assessments to keep your resale values high and homeowner complaints to a minimum.
It is always recommended that you speak with your CPA and attorney when planning assessments. Sometimes there are governing document rules that must be followed.
We have been working with our associations for decades to make the best decisions for your association. Contact us if you have any questions about navigating the rise of assessments and staying ahead of the curve.
Disclaimer time... We do our best to provide the most up-to-date and relevant information with our subject matter. It is our opinion, and we are not a government entity nor an authoritative source for professional research. Always hire a professional when you want the most accurate information as it relates to your company/association specifically.
If you have a topic that you'd like to see addressed, please email us and we will add it to our topic list. Click here for our contact information.