As part of our ongoing commitment to keeping our communities informed and prepared, we have developed a comprehensive report on the current insurance market as it relates specifically to condominium associations. Over the past several years, the insurance industry has experienced significant shifts driven by increased claims, rising reconstruction costs, and changes in underwriting standards. These factors are continuing to impact premiums, coverage availability, and policy requirements across the board.
While we are still early in the fiscal planning cycle, we believe it is important to share this information now so Boards can proactively plan ahead. Industry trends strongly indicate that many associations may see continued increases heading into the 2027 budget season. By understanding these changes in advance, Boards will be better positioned to evaluate their insurance programs, work with their agents, and make informed financial decisions during the upcoming budget process.
We encourage all Board members to review the attached report in detail. As always, our team is available to answer any questions and assist your community in navigating these evolving market conditions.