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“They are drowning us”: the cost to insure a property in condominiums doubles

According to data shared by the Condominium and Access Control Federation, between 2023 and 2024, the cost of condo insurance policy on the island increased in the range of 8% to 30%

22 de junio de 2024 - 2:15 PM

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Esta historia fue publicada hace más de 6 meses.
Wilfredo Rodríguez, manager of mortgage services at FirstBank, said that the increase in most condominium policies is more than 50% and explained that the cost of the policy is determined "unilaterally" by the insurance company. (David Villafane/Staff)

Residents of the San Ignacio condominium in San Juan experienced this year an increase of almost double in the cost of their insurance policy, an issue that is replicated throughout the island, according to Myrna Vélez, administrative assistant of the residential complex.

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