Condo Owners Caught in Insurance Maelstrom

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GULF COAST, TX-With property insurance costs steadily rising, condominium associations, mainly on the coast, are hiking deductibles to glean lower premium rates. The Catch-22 is many condo owners don’t realize it’s happened until it’s time to put in a claim.

“A $10,000 deductible is not all that unusual,” Charles E. Comiskey, senior vice president of Brady Chapman Holland & Associates in Houston, tells GlobeSt.com. “Property insurance companies don’t want to sell low deductibles. It would be cost prohibitive.” And, he adds, high deductibles are equally commonplace for all types of commercial buildings.