Connie Phillips Insurance

Condominium and HOA rate increases for 2024

We are asked to provide budget increases for 2024 on the insurance for condominiums and homeowners associations (HOA).   Below are samples of increases in property value and rates for 2024.

Sample Condo increases reflect 15%, 31%, 20%, 20%, 15%, 11%, 13%,14% and 22%.

Sample HOA increases reflect 15%, 14%, 11%, 54%, 01%, 53%, 7%, 14%, 38%, 48% and 32%.

https://www.insurance-financial.net/condo-hoa-insurance/

CONDOMINIUMS:

  • Current premium $16,412 renewal $18,795 (increased $2,383 or 15%)
  • Current Bldg. $6,902,557 renewal Bldg. $7,454,761 (increased $552,204 or 8%)

 

  • Current premium $29,847 renewal premium $38,963 (increased $9,190 or 31%)
  • Current building coverage $20,258,082 renewal building coverage $22,103,368 (increased $1,845,286 or 9%)
  • BPP current $65,000 renewal $68,250 (increased $3,250 or 5%)

 

  • Current premium $9,391 renewal premium $11,242 (increased $1,851 or 20%)
  • Current building coverage $7,151,413 renewal BLDG coverage $7,723,523 (increased $572,110 or 8%)

 

  • Renewal premium increase from $3,916 to $4,681 ($765 or 20%)

 

  • Renewal- $ 83,206 with $25K deductible
  • Optional quote – $ 59,585 but excludes wind and needs NFPA13 sprinkler.
  • Optional quote – $ 74,548

 

  • Current premium $26,264 renewal premium $30,140 (increased $3,876 or 15%)
  • Current building coverage $23,862,013 renewal building coverage $26,248,211 (increased $2,386,198 or 10%)

 

  • Current premium $32,801 renewal premium $36,335 (increased $3,534 or 11%)
  • Current Building coverage $22,513,244 renewal Building coverage remains the same $22,513,244.

 

  • Current premium $ 24,231 renewal premium $27,393 (increased $3,162 or 13%)
  • Current building coverage $ 6,821,940 renewal building coverage $ 7,367,695 (increased $545,755 or 8%)

 

  • Current premium $35,143, renewal premium $40,098 (increased $4,955 or 14%)
  • Current Building value $18,311,576, renewal $19,227,154 (increased 915,578 or 5%)

 

  • Current premium $16,256, renewal premium $19,797 (increased $3,541 or 22%)
  • Current building coverage $4,967,248, renewal building coverage $5,463,972(increased $496,724 or 10%)

 

 

HOMEOWNERS ASSOCIATIONS:

 

  • The current premium is $786 renewal premium $902 (increased $116 or 15%)
  • Current Bldg.  coverage $28,000 renewal coverage $34,000 ($6,000 or 21%)
  • Current BPP $101,400 renewal $104,400 (increased $3,000 or 3%)
  • Wind/hail – Flat $2,500 deductible – no change.

 

  • Current Premium $12,534 renewal premium $14,250 (increased $1,716 or 14%)
  • Current Blanket limit $ 2,000,536 renewal Blanket limit $2,150,000 (increased $149,464 or 7%)

 

  • GL:  current premium $2,390 renewal $2663 (increased $273 or 11%)
  • UMB: current premium $1,051 renewal $ 1,398 (increased $347 or 33%)

 

  • Current premium $5,598 renewal $8,629 (increased $3,031 or 54%)
  • Current building coverage $546,700 renewal $603,300 (increased 56,600 or 10%)
  • Current BPP $51,100 renewal $52,700 (increased $1,600 or 3%)

 

  • Current premium $ 9,186 renewal increased to $ 17,604 ($8,418 or 91%)
  • Current Building Blanket coverage $3,148,700 renewal increased to $3,507,600 (358,900 or 11%)
  • Wind/hail Ded – No separate deductible, remains $2,500.

 

  • Current premium $1,430 renewal premium $2,182 (increased $752 or 53%)
  • Current building coverage $504,800 renewal Bldg. coverage $555,300 (increased $50,500 or 10%)
  • GL Limits reduced from $2M/$4M to $1M/$2M.
  • Wind/Hail – added % Deducible and per building deductible.

 

  • Current premium $2,432, renewal premium $2,592 (increased $160 or 7%)
  • Current building coverage $301,200, renewal building coverage $334,400 (increased $33,200 or 11%)
  • BPP increased from $16,000 to $16,500.

 

  • Current premium $755 renewal premium $860 (increased $105 or 14%)
  • Current building coverage $82,500 renewal $91,600 (increased $9,100 or 11%)

 

  • Current premium $775, renewal premium $1,068 (increased $293 or 38%)
  • Current building coverage $41,000 renewal building coverage $42,200 (increased $1,200 or 3%)
  • GL limits lowered from $2M/$4M to $1M/$2M

 

  • Current premium $736 renewal premium $1,030 (increased $354 or 48%)
  • Current building coverage $15,200 renewal coverage $50,000
  • Current GL limits $2M/$4M renewal GL limits $1M/$2M
  • Current Wind/Hail deductible $1K renewal Wind/Hail Ded 1% and Per Building Ded

 

  • Current premium $2,393 renewal premium $3,154 (increased $761 or 32%)
  • Current building coverage $89,500 renewal building coverage $98,500 (increased $9,000 or 10%)

 

  • Current premium $2,050 – renewal premium $3,009 ($959 or 47%)
  • Current building coverage $361,500 – renewal building coverage $404,900 (increased $43,000 or 12%)
  • Current BPP $17,700 renewal BPP $18,300 (increased $600 or 3%)

The insurance industry is predicting for 2024 that the reinsurance markets are more willing to consider construction ages and types that they would not have quoted last year.   You will still be seeing an increase in the property values.

Your best protection is to be proactive in potentially damages or claims. Have your sprinklers tested annually, have the management company do a walk through to make sure there aren’t any slip and fall hazards.  We cannot predict what the insurance carrier will do in the future as they are all individually owned and have their own reinsurance and rates with the state. The good news is that when you work with an independent agent, we will market your policy every year to avoid as much of an increase as possible!

Connie E Phillips, CIC, EBP, CIRMS