Condo Association Insurance Boston Rate Goes Up
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What is causing Condo Association Insurance Boston rates to go up?
Most Condo Association Insurance Massachusetts are accustomed to seeing their policy premiums go up at renewal time. Increases have typically ranged from 5%–8% per year, depending on the area where a Condo Association was located and the overall rate of inflation. If an association has had one or more claims recently, the new insurance premium could go up more than this average. However, in most cases, Condo Association Insurance have historically been able to budget for a manageable, single-digit increase year to year.
Unfortunately, in today’s marketplace, it is more common for a Condo Association’s Insurance Insurance Boston Policy's to get renewed at a rate that is as much as 40 - 50% higher than the previous premium—and that’s without any claims.
We are not surprised that substantial increases like these are causing a great deal of sticker shock and leaving many Condo Association Boston wondering why this is happening and what they can do about it.Savin Jones Insurance is here to Save you up to 40% on your Condo Association Master Insurance Policies.
- Prices in the construction industry have skyrocketed, affecting replacement values and increasing the cost of claims. This fact has been reported on so often over the past couple of years that it may seem like old news, but it is still a very real issue. Prices for building materials and contracting services continue to balloon, due primarily to inflation and the ongoing gap between supply, of which there is too little, and demand, of which there is a lot. As the cost of construction has escalated, the budget required to build a new Condominium Association Insurance, make renovations to an existing one, or totally replace a condo property that has been damaged by a disaster has substantially increased as well.
- Most insurance companies are now reevaluating building replacement values before renewing condo association policies. An incorrect valuation of your Condo Association building’s replacement cost can pose a huge financial risk for both your association and its insurance company. If a catastrophe were to hit your property, it’s possible a gap may exist between your building’s insurance coverage and today’s cost to rebuild it. For this reason, before renewing a master condo policy, most insurance companies are making sure the association’s coverage matches up with the replacement value of its building. Since most buildings are appraising at a higher value than in the past, coverage on these Condo Association Master Insurance Properties must be increased to make sure they are fully protected. More coverage generally translates to a higher premium.
If your Condo Association Master Insurance has had No Claims or one or two claims We can Help you lower your Insurance premium by 40% or more. Savin Jones Insurance can Save you up to 40% of your Current Condo Association Insurance Premium.
We are Very Very Competitive with our Master Condo Association Insurance Policies with Savings Up To 40% - Saving you Hundreds of Dollars while Increasing your Insurance Coverage. Please Call, Email or Click Below for a Free Quote!
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