Condo Association Insurance Pros

Condo Insurance Update.
Here is a summary of what’s happening in the insurance marketplace and how we / IOA stands apart from other brokerages and agencies.

To begin, the insurance market is as messy, and bad as we have ever seen with fewer insurance carriers willing to write property coverage in the state of Florida. In the last 2 years, 6 private market carriers have gone into insolvency (for a number of reasons), 4 have pulled out of the state of Florida and will not write property coverage here, and the remaining carriers that are offering coverage are issuing increases of 40% - 100%. We have heard/seen increases as high as +300% from the prior year. This happens after a run of damage and losses incurred by insurance companies (hurricanes, wildfires, fraud etc.), but 2022 and 2023 seem to be historically bad.

One of the main reasons our IOA team has been so successful at helping our clients is that we have access to more property and liability carriers than traditional insurance companies in the area. We have been fortunate enough to be appointed with every property carrier that writes insurance in the state of Florida and have some exclusive property programs and pricing that no other brokerages have access to. Although we prefer not to sell based on price, that tends to be what our clients are most interested in, and this property program has been the most affordable.

Another key difference (aside from our level of service) is our ownership structure and the way we partner with other IOA specialists. My partner Eric and I specialize in Condominium and home owner associations and have partnered with Frank as a Broward local contact for help with his construction expertise on Building issues, vendor issues, Board advice and referrals. He has years of experience as a Board President for a large condo and has been in the insurance industry for 30 years. Between the 3 of us, you have access to 3 agents, 6 account managers, and a dedicated claims department that handles any and all issues on your behalf.
Scott H. Fricker, MBA