By Skyway / Published May 2022
Florida condominium insurance is more expensive than ever, and residents may have questions about their increased premiums. Here’s what they need to know.
Make sure your residents know how premiums are determined. This is through replacement cost, aka how much money would be required to rebuild their entire condominium. Residents can control some of this, like with upgrades (more upgrades = more expensive). Other things are out of their control. Like…
Inflation is high right now, which increases the cost of building materials. This means the cost to repair a condominium—the replacement cost—goes up, and that makes premiums go up, too.
Let residents know they aren’t alone—everyone is dealing with rising prices. Remind them that being insured for the full replacement cost is important. It’s better to deal with a higher premium than have inadequate coverage when they need it most.
For more information about Florida condominium insurance, visit skyway.com.