b'FEATURE column2021-22 FloridaCommunity InsuranceA preview of market challenges facing condominiummanagers, unit owners and board members.By Adam Lopatin and Brian BurnsThe current insurance marketplace has posed an general maintenance of the property,and impactunprecedented challenge for professionals that glass or shutters.specialize in Community Insurance. Conditions Roof Agelike this have not existed since 2003 or 2004.It is Roof age is highly important as most propertyimportant for associations to understand how the carriers consider roofs over 15 years old to be atconditions of todays economy effect insurance the end of their lifespan. Associations with roofspremiums. Here are some of the many factors that older than 15 years will pay higher premiums andhave led to the current hard market: insurance companies may not provide replacementPost-Irma loss creep cost coverage for roofsonly the actual cashReinsurance costs value. Sinkhole claims Loss FrequencySecondary peril claims Loss frequency is also an important measuringSocial inflation instrument for underwriters, so associations needLarge liability claims that pierce umbrella to review all incidents with their insurancepolicies more frequently professionals prior to providing to the carrierThe Champlain Towers South tragedy and for coverage review.its ripple effectCarrier insolvency The Impact of Rising Material and Labor CostsLitigated property claims on Maintenance and Hurricane PreparednessCapacity in Florida The rising costs of materials and labor willincrease property premiums as well as hurricaneUnderwriting Key Factors deductible percentages in 2022. Per FloridaCarriers are back to underwriting risks. Some key Statute 718.111, condominium associations mustfactors that carriers and underwriters review when obtain a new certified appraisal every 36 monthsdeciding to provide a quote or price a risk that a and insure up to 100% of the replacement valuecommunity can control are roof age, loss history, per the appraisal. 8 - Suncoast Review Winter 2021 www.SuncoastCAI.com'