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Urban Condo Owners Experience Soaring Insurance Costs

The wildfire risk in Diann Dumas’ neighborhood may be very low, but it is still impacting her financially. Dumas resides in Village Green, a serene condo complex nestled in the bustling neighborhoods of South Los Angeles. The community is characterized by its lush green spaces and well-maintained townhomes and bungalows dating back to the 1940s.

When Dumas first arrived at Village Green in 1990 after her divorce, she was captivated by the park-like setting of the complex. The central green space was a hidden gem that she had not been aware of despite living in the area for some time. The affordability of the condos at Village Green was also a draw for Dumas, with one-bedroom units priced at less than $600,000 and two-bedroom units at less than $800,000, making them relatively affordable by Los Angeles standards.

However, in recent years, Dumas has been facing financial challenges due to the increasing costs associated with homeowners association (HOA) fees. A report from S&P Global Market Intelligence revealed that insurance rates have surged by over 11% in 2023, marking a nearly 20% increase since 2022. This rise in insurance costs has directly impacted residents like Dumas, who saw her HOA fees spike by 20% this year alone.

The spike in insurance costs at Village Green is not directly linked to wildfire risk, as the community boasts a very low risk of wildfires due to its well-maintained landscaping and layout. Instead, the insurance increases are attributed to factors such as insurance companies being more cautious about insuring condo complexes, concerns about risks associated with densely populated areas, and the overarching impact of climate change on insurance rates.

As Dumas grapples with the financial strain of rising HOA fees, she has been forced to make difficult decisions to cut costs in other areas of her life. From downgrading her TV package to canceling her newspaper subscription, Dumas is feeling the pinch of the increased expenses. Despite understanding the concept of insurance pooling and shared risk, the reality of potentially being unable to afford to continue living in her beloved community is a harsh one for Dumas.

The challenges faced by Dumas and other residents at Village Green highlight the broader issue of rising insurance costs and the impact it can have on individuals and communities. As insurance companies navigate the evolving landscape of risks and costs, residents like Dumas are left to grapple with the financial implications of these changes. The future remains uncertain for Dumas and others in similar situations, as they weigh their options and consider the possibility of having to leave their homes behind due to financial constraints.

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