At the 338-unit Morada community in Rancho Bernardo, residents potentially face thousands of dollars in special assessments to cover rising insurance premiums because of wildfire risks.
San Diego has the third-highest projected average increase among 25 metro areas, after Orlando and Phoenix. State-approved rate hikes and higher repair costs are part of the reason we are seeing a big jump.
To pay for the insurance hike, the HOA enacted a $2,500 emergency special assessment in October on condo owners. Though they’re residential, condominiums are typically covered with commercial insurance. Increasing the FAIR Plan commercial coverage limit to $20 million could help some condo HOAs during the current market turmoil, though not the larger communities. The step is not considered a permanent fix, according to the letter that lawmakers sent to the insurance commissioner.
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