The insurance landscape in South Florida is rapidly changing. This spring, Florida legislators held a special session to discuss this very topic with the long-term goal of making the insurance industry less risky in Florida.
Major changes, however, – if they happen at all – won’t be overnight, so it’s important for condo associations to regularly review their policies and prepare for potential “what-if” scenarios, especially with storm season upon us.
What Florida HOAs Should Expect When It Comes to Insurance
Natural disasters have had a big impact on the insurance industry in Florida. In a state where insurers utilize reinsurance more than they do in other states, many insurance companies have simply fled due to insolvency. The result for HOAs and homeowners? Rising insurance premiums across the board. Moreover, new legislation has made additional changes designed to discourage lawsuits.
This all means that premiums are going up, and your association’s ability to negotiate with your insurer after filing a claim has been changed.
HOAs, and all property owners, should be reviewing their policies often and shopping for coverage regularly. It’s also important to determine if your current insurance carrier will continue to renew policies. Not all are, and insurance companies are only required to give you a 45-day notice of their intent to not renew a policy.
If you have questions about insurance law in Florida, need help filing an insurance claim or would like to retain an attorney for your condo association, we are here to help. Get in touch with our team at Dania Fernandez and Associates, P.A. to learn more.
We offer legal assistance in all matters of condominium association law, homeowners and community association law, real estate litigations and transactions, residential and commercial closings, and insurance law.
We pride ourselves of our level of commitment to our clients. We love what we do, and we do it with utmost care and professionalism.