Florida Condo Associations Face Up To 15% Insurance Rate Hikes In 2025

A four-person webinar hosted by Castle Group property management discussed what Hurricanes Helene and Milton means for Florida condo associations for the next two years.

Florida condo associations may have to rework their 2025 budgets at the last minute to account for higher insurance prices of as much as 15 percent following a pair of hurricanes – Helene and Milton – that hit the state’s west coast within a two-week period between late September and early October.

The hurricanes came just as Florida condo association insurance rates – which in some cases jumped from about $250,000 annually to more than $1 million – were starting to normalize after the June 24, 2021, collapse of the Champlain Towers South in the town of Surfside on the barrier island of Miami-Dade County.

“I really believe, I think, we reached a point recently where we kind of saw some stabilization in the marketplace,” said James Schumaker, an executive vice president of the Castle Group property management firm who moderated the one-hour webinar on Friday, Oct. 25, 2024. “There was a little bit – maybe not (enough) relief but it was more relief than we anticipated – on insurance rates. You probably all know what I’m going to say next.”

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