Miami Highrise Condo Owners Outspend Tampa, NYC, LA, Toronto Peers On Insurance

A new report from the property management firm FirstService Residential provides a “benchmark” for insurance expenses in highrise condo towers in five major markets.

FirstService Residential, a property management company, has released a new 40-page report analyzing condo association insurance fees in 15 North American markets. (Image courtesy of FirstService Residential)

Miami-Dade County highrise condo owners are spending a larger percentage of their monthly association maintenance fees on insurance than unit owners in the markets of Tampa-St. Petersburg, New York City, Los Angeles-San Diego-San Francisco and Toronto.

In Miami-Dade County, highrise condo owners are spending about 26 percent of their monthly maintenance fees on insurance in buildings with at least 300 units that are considered “big.” In “small” projects that have less than 300 units, Miami-Dade County owners are spending about 25 percent on insurance.

This means that about $25.50 of every $100 in monthly maintenance fees goes towards paying for insurance in Miami-Dade County highrise condo towers that have at least seven floors.

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This information is believed to be accurate and complete but cannot be guaranteed or warranted.

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