It's amazing how fast this year is going by. Seems like only yesterday associations passed their annual budgets. If you have not already started, it is time again to begin the budget process. August is the time to get all information together to prepare the first draft. C&S managers will be working with association boards for a first draft to be completed in September.
The Florida Legislature and Governor have embarked on a bold plan to stabilize insurance prices over the long term. By allowing prices to significantly increase short term, it is believed that insurance carriers will return to Florida and with the increased competition, prices will stabilize and begin to decrease. Citizen Insurance cannot cover the amount of policies it presently has in the event of a major event. Since the budget is prepared well in advance of when the association's 2012 increase will be known, C&S and the association's insurance agent try to determine the best amount to place in the budget for insurance. This is sometimes a very challenging task.