Rising premiums

What boards are actually seeing at renewal

A Community Associations Institute member survey of nearly 900 respondents, representing more than 10,000 communities, found that over 90 percent had a property and casualty premium increase at their last or current renewal, and 11 percent had a policy canceled or not renewed at all.

"More than 90% of respondents reported that their property and casualty insurance premium had increased at the last or current renewal."

Source: Insurance coverage: Communities report significant challenges with rising premiums, Community Associations Institute

Boards covered the gap in different ways: half raised individual assessments, 43 percent pulled from operating funds, and 7 percent went to a special assessment. Raising the regular assessment was the most common single response, not a last resort.

Florida's numbers are the clearest example

Florida is the only state where this evidence base has confirmed specific premium figures; check your own state's numbers before assuming they match. Florida's average residential property insurance premium reached $3,023 in early 2025, a 34 percent increase from late 2022, against roughly 8 percent general inflation over the same stretch.

Florida State University research found the average Florida condo unit owner's own premium rose from about $1,100 in 2020 to almost $2,000 by the end of 2024. In Miami-Dade County, the increase was about 40 percent, reaching roughly $2,300.

The trend is easing, not permanent

The most recent data in this evidence base does not support "premiums only ever go up forever." Reinsurance pricing, what insurers themselves pay to spread their own risk, was reported down 22.8 percent at the June 2025 Florida renewal, tied to the effect of Florida's 2022 legislative reforms.

Florida's insurer of last resort tells the same story. The state regulator reported that private insurers assumed more than 354,000 policies from that insurer in 2024 alone, after more than 275,000 in 2023, and the insurer itself moved from a loss in 2022 to net income in 2023.

"In 2024, OIR approved 13 companies to assume more than 354,000 policies from Citizens."

Source: Market update on Florida's property insurance market, Florida Office of Insurance Regulation

None of this means premiums are falling back to 2020 levels. It means the sharpest phase of the increase has a documented endpoint, not an open-ended one.

What a board actually does with this

A renewal that comes in higher is not a sign something went wrong at your association specifically, it is the norm right now for most communities. Build the increase into your budget conversation early, and treat "raise the assessment" as the typical response, not a failure of planning. See Insurance renewals for how to shop a renewal well before it lapses, and Working with brokers for how to get a broker useful data instead of a thin submission.