Tom Baker, Jim Smith, and Rob Lasch, members of the Marbella Condominiums Association board, are seen standing outside their beachfront home in Daytona Beach Shores, Florida. They have faced a dramatic increase of over 500% in their property insurance rates after Hurricanes Ian and Nicole caused damage to their back patio and pool in 2022.
Tom Baker, a retired Marine and Army veteran, lives in a three-bedroom beachside condo in Daytona Beach Shores. He sent a six-page memo to all of Florida’s senators and representatives in an effort to tackle the rising property insurance costs. In response, Sen. Jason Pizzo reached out to Baker, reflecting the escalating frustration among Florida condo owners.
The disaster arrived when the property insurance bill for Marbella skyrocketed from $40,534 in 2022 to nearly $269,000 in 2023, signaling a 563% increase. This substantial rise occurred despite Marbella never having filed a claim, demonstrating the parallel burden faced by condo owners such as Rob Lasch and Tom Baker.
Furthermore, numerous condo associations across the state reported similar increases, with the Grand Coquina Condominiums, located next door to Marbella, seeing a 228% insurance rate hike. Jeff Sussman, the association’s treasurer, outlined that the rising costs have led to additional assessments per unit, sparking a concerning trend of increased financial burdens on condo owners.
Consequently, the plight of condo owners has prompted distress and exasperation, as they struggle to understand the unreasonable escalation in property insurance costs. Calls for action have been met with minimal response, intensifying the aggravated sentiments among these homeowners who simply seek relief from devastatingly immense financial burdens.
