Condos Face Insurance Hikes
The property insurance reforms made in January will save private homeowners on average 20 percent, according to state regulators.
But the new laws did little to address huge premiums now hitting condo associations. State Sen. Mike Fasano of New Port Richey has heard from dozens of condo associations that have had their policies cancelled.
FASANO: Whether it be the State Farms, the Allstates, the Nationwides, and now are stuck with citizens and seeing their rates not go up by 10 percent, but by 100 percent. And our seniors are being hit. Those who are on fixed incomes are being hit the hardest and that's why we have to address this.
The reforms do allow condo associations to create their own - private - insurance risk pool. But it's not formed yet. That's why Fasano is holding a forum tonight in New Port Richey - to gather and share information.
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