Insurance Market Troubles
The insurance market for HOAs has been volatile, at best, for the last decade. 2023 has been horrendous on a number of fronts. For most associations, premium increases have been somewhere between 20-40%. For some, the primary business/structural policy premium has doubled. And for a rapidly growing number of associations, surprising news of non-renewals has […]
The Ever-Changing HOA Insurance Market
If you have seen your association’s master insurance premium increase in recent years, know that you are not alone. The insurance market for multi-unit dwellings (i.e. condos and townhomes) continues to be volatile. According to Marsh & McLennan, for the past eight years Minnesota has ranked in the top three for “catastrophic losses.” Hail storms […]