As featured in TimeSharing Today Magazine

Matt Stauffer | Senior Risk Advisor, Gregory & Appel Insurance

Timeshare associations and property managers have already noticed the big changes sweeping through what was once a fairly predictable and stable insurance market. Across the country, resorts are plagued by skyrocketing premiums.

Understanding the Transformation

The disruptions affecting timeshare associations are being met with an intense overhaul of risk assessment models, an increased demand for comprehensive property inspections and a greater focus and emphasis on detailed underwriting.

Many changes came unannounced to timeshare association board members, and property managers and have upended longstanding perceptions and practices within the insurance procurement process.

Navigating New Challenges

This market shift has implications reaching far beyond numbers on a spreadsheet; it’s having a real impact on communities and business operations.

One striking example is the withdrawal of key coastal insurance programs from states like Florida, which has historically been reliant on such coverage. Seeing coastal programs start to exclude states like Florida, a state that boasts 8,436 coastal miles and is home to 1.5 million condos, and you can see the severity of what is taking place.

With reduced competition and reinsurance obstacles, remaining insurers have recalibrated their pricing strategies, often leading to substantial premium increases. In California, premiums are up 1000% for some, forcing people to rethink how they can afford their insurance.

Addressing a New Normal

To fully grasp these changes, it’s important to recognize some of the concerns related to the current state of property insurance. The initial signs of the hardening market were showing in 2022, with a notable increase in claim frequency signaling a shift to more stringent conditions. Fast forward to 2023 – rate hikes reminiscent of a decade’s worth of increases condensed into a few months.

The American Property Casualty Insurance Association corroborated these observations when highlighting a significant jump in net underwriting losses from $3.8 billion in 2021 to $26.9 billion in 2022.

This paints a clear picture – insurance companies spent more money than they made from premiums.

This isn’t limited to a certain geographical area; it extends coast-to-coast in both rural communities and large cities alike. In 2023, there were 25 separate natural events causing at least $1 billion in losses.

According to the National Centers for Environmental Information, this included 1 drought, 2 floods, 19 severe storms, 1 tropical cyclone, 1 wildfire, and 1 winter storm. These events unfolded across 33 states, causing an estimated $81 billion in losses for the year.

Crafting a Strategy

Effectively navigating this insurance environment requires a deep understanding of individual properties. Things like exemplary housekeeping, good maintenance, advanced security measures and recent upgrades are key. Making sure property details are up to date with an accurate Statement of Values is crucial for getting accurate insurance quotes.

While insurers are often willing to consider new business submissions well before renewal dates, decision-making often remains prolonged, and updates can be expected even at the last possible moment. Initiating the process well in advance of any renewal deadlines is critical. There is no such thing as too early, even if immediately following a recent policy renewal.

Finding the Right Guide

In these challenging times, selecting of an experienced and knowledgeable insurance broker could not be more important.

It’s not just about getting a bunch of quotes; it’s about finding someone who really knows the ins and outs of this complex market and can build the best program.

You need a partner that works as an extension of your own team, committed to finding the best solutions for you.

A Pledge to Guide & Support

It takes an unwavering commitment of insurance professionals to serve as trusted advisors and advocates – to understand the intricacies of each resort’s insurance requirements and work tirelessly to achieve the most advantageous outcomes for each property.

When existing approaches fall short, generating more questions than answers, expert guidance is needed. The objective is to take control and formulate a winning strategy, making renewals less puzzling and more empowering.

Gregory & Appel is an independent insurance agency founded in 1884. They specialize in the insurance and risk management needs of the resort timeshare industry, and offer unmatched expertise and service to HOAs, management companies and exchange companies throughout the United States and Mexico. For more information, contact Matt Stauffer at 317.352.3333 or visit

Lemonjuice Solutions delivers professional management, investment capital, strategic planning, execution, and technology solutions for timeshares, condominiums, and mixed-use properties. With its Resorts Reimagined™ program, Lemonjuice Solutions rejuvenates and repositions timeshare resorts and condominiums, ensuring maximum value for owners. By aligning its interests with owners, stakeholders, and associations, Lemonjuice Solutions delivers innovative, results-driven solutions that foster growth and profitability. To learn more about Lemonjuice Solutions, contact Jan Barrow at 863-602-8804 or email