Background
Since 2018, Wildwood’s insurance premiums have more than tripled. Insurance companies are putting more and more stipulations on insuring condos. Some insurance companies won’t insure condos if their roofs are over 10 years old. The older the condos are, the less likely an insurance company will insure (Wildwood in over 50 years old).
Our policy renews in September. They require the first payment to be 3 months worth. This throws off our 2025 numbers on the chart. It also becomes a nightmere to budget for the year when you don’t know what your insurance payments will be until September for the rest of the year.
Our new policy puts a deductable of $20,000 on each roof (first time that has happened). That means that if we have a major hail storm with roof damage, we can’t make a claim. Wildwood will have to pay for it. Getting an estimates for new roofs for Wildwood from several vendors, the average cost of a new roof was under $20,000.
