From Coast to Coast, Condos Are Trending
From the luxury high rises of New York City to the seasonal condominium units in sunny Florida, residential condominiums dominate many areas of the U.S.
The New York Times called 2015 the “Year of the Condo in New York City,” estimating at least 6,500 new condominium units across more than 100 buildings in that year alone. The Miami Herald reported that the size of Florida’s coastal market is estimated to grow by at least 37 million square feet of living space in 2016, which is the result of a condominium developers’ boom that began in 2011.
Furthermore, this trend becomes even more noticeable when you take into consideration that major cities across the country are following suit. Similar statistics and indications of condominium growth can be found in articles coming out of cities from Chicago to Nashville. Will Mathews, a condominium expert, stated in an article, “Whether it’s Miami, San Francisco, Seattle or Atlanta, condominium markets are showing signs of a comeback.” Whether buyers are looking for a seasonal escape or a long-term investment, this nationwide growth is the result of an undeniable demand.
The growth of the condominium market is accompanied by the need for insurance. Individuals need to protect their condominiums from the unique loss exposures that face them.
Let USLI be your go-to market for all condominium, co-op and short-term or seasonal vacation rentals. Our Residential Condo Investors product offers many advantages including the following:
- Units rented on an annual, monthly, weekly or even nightly basis
- Secondary/Primary/Seasonally-owned units
- Entity types that are individuals, husband and wife, LLC, LP, estate, family partnerships, trusts and corporations
- Property managers and condo/homeowners association can be included as additional insured at no charge
- Coastal areas are acceptable (coverage may exclude wind or offer a higher wind/hail deductible)
- Loss assessment per unit
- Miscellaneous property as required by the association
As condominium units continue to flood the U.S., we can help you provide the right coverage, tailored to your clients. Let’s take advantage of this industry growth together!
Please contact your regional Commercial Lines underwriter for more information or a quote.
As always, thank you for your support and business.
Written by Ginna Briggs
June 9, 2016
Contact Lexi Shriner,
Residential Condo Investors Product Leader | 888-523-5545 Ext. 2758