"More than nine in ten community associations reported insurance premiums increasing at the last renewal, according to a survey last year from the Foundation for Community Association Research. A majority of those community associations paid for those increases by raising dues or imposing a special assessment. Others tapped operating funds or lines of credit. As insurance premiums surge for condo owners, so do condo association fees. Dues rose 20 percent between 2022 and 2024, according to Rexera's analysis of 1,800 associations."
"The pain of the insurance premium jumps are being felt most acutely in states such as Florida and California, where homeowners are in an insurance bind regardless of property type. Those states are prone to natural disasters - fires, hurricanes, earthquakes - that are worsening due to climate change, and in Florida, a new state law requires older buildings to meet stronger safety standards."
More than nine in ten community associations experienced insurance premium increases at their last renewal. Many associations covered those costs by raising dues or imposing special assessments, while others tapped operating funds or lines of credit. Condo association dues rose 20 percent between 2022 and 2024 for many associations. Homeowners who fall behind on dues can face foreclosure initiated by associations. The burden is most acute in Florida and California because of worsening natural disasters and new building-safety requirements in Florida. Approximately 10 million owners live in condos, co-ops, or townhomes, and the median association fee is $480 per month. Options to reduce insurance costs are limited, including avoiding small claims or adjusting bylaws to shift policy overlap.
Read at Boston Condos For Sale Ford Realty
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