Setting The Record Straight – Increased Insurance Costs

TLA recently reported that from 2024 to 2026, our Property and Casualty Insurance costs have increased 35 percent. 

Here's why: Across the country, HOA insurance costs are rising, as carriers reassess risk, coverage limits, and pricing, especially in high‑exposure coastal areas like ours. Each year, your Association’s insurance broker actively shops the market to identify carriers willing to provide appropriate coverage and terms. We challenge our agent annually to review all available options, including alternative carriers, coverage levels, and deductible structures, while carefully evaluating our community’s specific needs and loss history. It is important to note, that while we do competitively shop the market annually, we have generally renewed with our current carriers because they have continued to offer strong pricing and coverage that meet our needs. 

This process begins well in advance of our policy renewal dates, allowing us to fully understand our options and make informed, thoughtful decisions. In addition, our resident Insurance Committee, made up of seasoned professionals, works diligently alongside TLA’s Board and staff to ensure the community receives the strongest coverage possible at the most competitive rates available. 

Our island location and the inherent risks that come with it make securing insurance both a priority and a challenge. Insurance companies must carefully weigh these risks when determining how and at what cost they can provide coverage. Through proactive planning and advance market engagement, we can select the best available carriers, coverage, and pricing for our community.