Tangerine Bay, a 90-unit condominium complex on the south end of Longboat Key, received an annual hurricane insurance price increase from $49,000 to $450,000 per year.
Tangerine Bay Club President Dr. Sanford Mackman wrote an email to the Longboat Key Town Commission April 5, requesting the town’s help with the massive increase.
“An 800+% increase in annual premiums for one condo complex, or if widespread along Florida coasts could have unforeseen outcomes,” wrote Mackman, suggesting many residents may decide their quarterly share of the wind insurance increases might not be able to afford to pay.
If the increase were mandated, Tangerine Bay would see its total operating expenses rise by 30% to 35% per year.
Mayor Jim Brown responded to the board of directors through a letter April 9, explaining the town has no authority over the state-run insurance program. Brown, though, said he forwarded the email on to Senator Bill Galvano and Representative Jim Boyd.
“I am aware of other huge increases in annual insurance premiums that residents on Longboat Key have experienced and recognize that this is an issue that affects us all,” Brown said. “Hopefully some positive outcome can be achieved to improve the situation at Tangerine Bay.”
Contact Kurt Schultheis at email@example.com.