CONDO INSURANCE RATES MAY FALL

CONDO INSURANCE RATES MAY FALL
There has been a change in how association’s policies are handled by Citizens Property Insurance Company. Previously one policy would group condo buildings together, and now Citizen’s board decided they will treat the buildings separately. A stricter criteria will still apply to individual condo buildings that cost $10-MM or more to replace. This change could save associations thousands of dollars on their insurance premiums. Depending on how the associations decide to use the refunds, either homeowners could receive refunds or the funds could be held in reserve by the association. Rate reductions could be 20% to 30%, but that will still be more than associations paid to Poe Financial Group previously. Change will apply retroactively to any policies issued on or after May 15, which is when Citizens first issued condo association policies using the stricter standards. About 2000 associations are affected. It will take 60-90 days for Citizens to process the refunds.