Condo Owners Are Beginning To Suffer From Increasing Insurance Premiums
Condo Owners Feel Pain From Rising Insurance Costs | Image Credit: century21pel.com
An advisory group headed by Governor Josh Green was established to explore strategies for stabilizing the market, which has been severely damaged by climate-related disasters.
James Clemens found it astonishing that the insurance cost for the Terraces at Manele condo association in 2024 was $109,000 instead of $69,000, a more than 40% increase in rate.
According to Clemens, the condo board is still attempting to determine how to pay for the cost hikes, but condo owners will eventually have to bear the expense in one way or another. According to Clemens, the typical owner of the 26 free-standing condominiums on Lanai may see a $600 rise in their monthly association dues.
Serving as president of b...