Looking back on our insurance changes over time.
All Insurance Policies:
As you probably know our insurance package is the largest item in our JLV COA budget.
2022 Appraisal Total Insured Value: $17,335,768.00
2026 Appraisal Total Insured Value: $20,781,430.00
The final numbers are the total of the following policies combined. Property being the largest share of the total.
- Property (Hurricane) Insurance
- General Liability
- Crime
- Directors & Officers
- Workers Compensation
- Commercial Umbrella
By the way we have not submitted any insurance claim over the past 5 years.
2026 – Insurance – Budgeted $220,000 – actual cost $213,329.55
We paid in cash and did not finance it, as in the past. Saving about $17,000.
2025 – Insurance – Budgeted $220,000 – actual cost $217,215.66
We paid in cash and did not finance it, as in the past. Saving about $17,300.
2024 – Insurance – Budgeted $227,769 – actual cost $197,190.20
February 2024 – COA installed the “third nail” into the hurricane straps on all 136 units with the Retrofit Project. This saves us approximately $100,000.00 per year off our hurricane/property insurance portion. That is a savings every year going forward for a one-time cost of $58,000.
The Board voted to no longer finance the insurance payments over time and save the finance charges (8 to 9%). Insurance is paid in full for the first time in decades.
We paid it in cash and did not finance it, as in the past. Saving about $16,000.
2023 – Insurance – Budgeted $320,290.13 – actual cost $291,686.16
The old insurance company sends an estimate for the renewal to be $364,000. The Board votes to change our insurance agent in order to try to stem the tide of the rising insurance rates due to the multiple bad storms in 2022: Hurricane Ian and Hurricane Nicole. The old insurance agent was Auto and Home agent. The new agent lives local in Tequesta and handles only condominium properties.
2023 – Floor Insurance – Budgeted $51,036 – actual cost $0
The old insurance company sends an invoice to increase the Flood insurance to $64,000. The new insurance agent advises us that we do not need flood insurance as we are not in a mandatory flood zone. A quick check with our lawyer, Property Management and the flood maps and everyone agrees we do not need it.
2022 – Insurance – Budgeted $165,625.00 – actual cost $158,107.10
2022 – Floor Insurance – Budgeted $41,000 – actual cost $41,000
Early 2022 the old Board resigns after Membership is upset over two (2) surprise special assessments in less than two (2) years for $1,200,000.00. See the history as to who was on the board and when.
The new Board takes over and begins the rebuilding process. They announce their intent to fully fund the reserves immediately and raise the maintenance fees to adjust for a quick Reserve Funds build up.
The first budget by the new Board is passed for the 2023 budget in November 2022.