Looking for the top stories featured on the September 13 episode of our Palm Beach County News in 90 Seconds? See the story blurbs/links below.
Disaster stalks condo insurance market in Palm Beach County: Even buildings with new roofs face triple-digit hikes
After riding out repeated double-digit increases in their wind coverage for the last four years, the residents of the Old Port Cove Towers expected new roofing would provide something of a safe harbor from another big insurance premium hit.
“I thought we were being conservative by budgeting the same amount (for insurance) as last year,” said Mike Beck, president of the Old Port Towers Condominium in North Palm Beach. “We thought the new roof would actually mean a reduction” in the wind premium.
Instead, when it came time to renew months after Old Port Cove’s two, 20-year-old roofs were replaced last October, the 171-unit North Palm Beach condo association received word that the latest bill of $855,719 would mean it is paying 150% more than it did in 2022 to insure the association’s common property against the wind. And that’s even with an increase in the deductible to repair or replace the 22-story towers’ common property this year.