Saturday, October 14, 2006

Florida Condo Owners: Be Fleeced or Flee?

Earlier this week a few news outlets in Florida -- too few, really -- carried word of just-released survey results of Florida condominium owners that "shows many condo residents are seriously thinking about leaving the state because their post-hurricane property insurance rates have risen so dramatically they can't afford the premiums."

The survey was conducted by the Community Association Leadership Lobby, a worthy-looking non-profit advocacy group. CALL currently is headed by south Florida lawyer Donna Berger.

As Paige St. John analyzed the survey results:
"More than 68 percent of those answering an Internet survey... say they or their neighbors are considering selling their units and moving to another state where insurance premiums are lower. More than 22 percent said they could not afford the insurance premiums passed on to them through their condominium association.

"About two-thirds of those filling out the questionnaire said they wanted more government involvement in seeking a solution -- almost 65 percent supported increased state regulation and 60 percent supported some form of state-created alternative to private insurance.

"Some 90 percent said they thought 'elected officials' were not doing everything they could to "keep insurance costs reasonable."
The CALL press release announcing the survey results can be read on Yahoo News. Florida Today followed up a day later with anecdotal reactions of some condo unit owners who face a tripling of insurance rates.

1 comment:

makati condominiums said...

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