SINGER ISLAND, Fla. — Many South Florida condo owners are getting a holiday surprise they weren’t expecting — 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 condo owners.
“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.