Citizens Raising Premiums for Condos

by Isaac Benmergui, Esq on November 28, 2011

Condominium associations will see a rate hike of at least 19 percent if Citizens Property Insurance has insured the building for $10 million or more with a multi-peril policy. Those buildings that are covered only with a windstorm policy will be unaffected.

Citizen’s policies are bound by a rate hike cap of 10 percent, but these are high value condos and aren’t covered by the cap regulation. Citizens is also not required to get approval from regulators to assess the hike.

For properties in Broward, Palm Beach, Miami-Dade counties, the hike is 21 percent. In some parts of South Florid the increase peaks at 25 percent.

Although the rate hikes may seem pejorative, Citizens rates are still less than private insurers. The hikes are due to take effect in March for new policies and April for existing renewals.

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The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email for more information or to set up an appointment today.

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