Florida condo owners brace for rising insurance
State lawmakers set to meet
Dec. 12 for special session regarding issue
Article Courtesy of WPTV Channel 5
By Matt Sczesny
December 1, 2022
SINGER ISLAND ó Many South Florida
condo owners are getting a holiday surprise they weren't expecting ó
paying more for insurance. It's all part of the state's insurance crisis
that has hit homeowners all year.
"The insurance this year is hitting us
hard," Johannes Neckermann, who sits on a condo board on
Singer Island, said.
The rate hikes are not only hitting condo owners but also
condo associations, which then pass on the costs to the
"We raised this year the rate on unit owners just to afford
the insurance," Neckermann said.
He said in some cases the costs were up 40% over last year.
Florida property owners are already paying the most in the
country for insurance, and it's only getting worse.
Many condo owners are just discovering this, especially the
part-time residents who are now arriving for the winter
"There's a little bit of a sticker shock
for people who donít follow Florida year-round," Robert
Norberg of Arden Insurance in Lantana said.
Johannes Neckermann says his condo board had to
increase their homeowner association fees by 40%.
Experts said there are several reasons for the increase in rates, all of
which are making it very tough for insurance companies to stay afloat.
"It's been several years of claim problems, and things like, that impact
associations, as well as individual unit owners, plus now the Surfside
[condo collapse in 2021], plus the issues with recent hurricanes,"
Norberg said. "They're all taking losses, and it hits not only the unit
owner but the association in a big way."
Condo owners are getting hit twice on those fees and then with their own
insurance going up.
As with homeowners, it's likely to drive condo dwellers to the state-run
Citizens Property Insurance, which is already ballooning with more than
a million policies.
Florida lawmakers are supposed to meet Dec. 12 for a special session on
fixing the insurance issues, but there are no promises anything can be
"They can't force insurance companies to charge," Norberg said. "The
only thing they can do is help regulate the rates of admitted carriers."