Tuesday, August 01, 2006

Increasing Condo Insurance

Rising insurance rates have been media news since the rash of hurricanes in 2004. Not only are insurers not writing for the state of Florida, but rates are increasing especially for condo owners. Lake Villas condo, in Altamonte Springs Florida, insurer, Nationwide, did not renew its policy. The condo association signed on with Citizens Insurance, the state backed insurance of last resort. Citizens insures when others will not, but coverage is less for the money. Lake Villas insurance bill changed from $33,902 to $197,276 and deductible changing from $500 per building to $26,000 per building. These increases will be passed along to the home owners. This would mean increases of $200 per month to home owners. This insurance covers exterior building of the condos, and interior insurance rates are also going up. Many home owners feel they will have to sell, as once their condo was an affordable option. This is occuring in condos across the state from the coast to central Florida. Courtesy of Orlando Sentinel 8/1/06.