Community associations in California are staring at skyrocketing insurance premiums. Some are facing increases of as much as hundreds of thousands of dollars per year. Community finances are being strained and, in some cases, it’s become impossible for new buyers to secure mortgage lending.
As property insurance rates are somewhat stabilizing in 2022, umbrella liability rates continue rising for common interest communities. New challenges are emerging in the insurance landscape, and it is imperative for board members and community managers to partner with credentialed and experienced professionals who will guide them through this social inflation crisis and will help them mitigate liability claims.
The tragedy in Surfside, Fla., evoked many emotions for us all. The impact of this disaster will be far-reaching, changing many aspects of the communities we serve as volunteers, managers, and business partners. With much work still to be done, here is how CAI has provided support so far.
CAI’s Government and Public Affairs Committee is considering policy reform recommendations that address building inspections, reserve studies, and reserve funding plans in the wake of the devastating collapse of Champlain Tower South condominium in Surfside, Fla., in late June.
