My condo insurance increased almost three times from last year (Miami: homeowners insurance, inspections)

[FloridaUS]

Any referrals for condo insurance in Florida?

Why are insurance premiums so high in 2022?

[wizrap]

Originally Posted by FloridaUS

Any referrals for condo insurance in Florida?

Why are insurance premiums so high in 2022?

One word. Surfside.

[SanyBelle]

How old is your condo? My ex-insurance company was charging me for excessive windstorm and hail damage because they didn't take into account the fact that my condo was newer. Once I looked into why my insurance went up by $800 a year, I found another agent who noticed this error and my premium went back down. I PM'd you the agent's info.

[FloridaUS]

Based on realtor.com, it was built 1986. I will check the legal documents. Thanks for the contact. Received.

[SanyBelle]

My condo is in Miami-Dade and was built in 2009 so it is considered "newer". I don't know if 1986 is newer but contact the agent I used, he was easy to deal with and answered emails/calls very quickly. Good luck!

[logybogy]

1986 is a bad year. Approaching the 40 year mark where they find lots of structural concrete problems and big money assessments like in Surfside. Also, there's legislation to change the inspections to 20 years and every 10 years thereafter statewide for recertifications so owning a condo is going to just get really expensive especially older ones that don't have the best maintenance history.

[City Guy997S]

Originally Posted by FloridaUS

Any referrals for condo insurance in Florida?

Why are insurance premiums so high in 2022?

My agent is a buddy, I usually have dinner with him once a week.

He says if your policy renews at 20% hike or less, pay it in full and be grateful.

Insurance is crazy right now for many reasons, Surfside, then building costs are climbing so your $10,000 kitchen fire last year might cost $14,000 to fix next year (inflation/labor costs).

[1insider]

I'll be shocked if renewal premiums for master policies on older highrises don't skyrocket this year. That will come on top of expected flood policy increases after April 1. Owners of units in older buildings need to get ready to pony up cause the piper is going to be demanding a check.

Anyone who doesn't like their condo fee right now should be prepared to really not like it by years end.

[City Guy997S]

Originally Posted by 1insider

I'll be shocked if renewal premiums for master policies on older highrises don't skyrocket this year. That will come on top of expected flood policy increases after April 1. Owners of units in older buildings need to get ready to pony up cause the piper is going to be demanding a check.

Anyone who doesn't like their condo fee right now should be prepared to really not like it by years end.

Flood rates were redone Oct 2021 so the increases are coming up now on most renewals

[RW2FL]

I'm moving into King's Point next week, and my homeowners insurance with Kin Insurance is $1250 a year. That's cheaper than insurance on my Margate condo has been.