New CVE group targets rising insurance costs

A newly formed group of residents in Century Village East is taking aim at rising building insurance costs, launching an initiative they believe could significantly reduce premiums for condominium associations.

The CVE Advocacy Club, made up of retired business owners with experience managing expenses, has identified high insurance rates as its first priority. The group points to a hi-rise building where annual insurance costs have climbed from $85,000 in 2023 to $120,000 in 2026, while a comparable proposal for similar coverage has been identified for under $60,000.

The club believes that substantial savings could be achieved if associations take a more unified approach when working with insurance brokers. Current estimates suggest potential reductions of up to 50 percent for hi-rise buildings and about 40 percent for garden-style complexes.

At present, most associations purchase insurance independently, a practice that preserves autonomy but can limit collective bargaining power. The group says that insurance specialists working with the community have already negotiated property and wind coverage options with several A-rated carriers, creating pre-approved structures that qualifying associations may access.

By leveraging these pre-negotiated options, associations may benefit from competitive pricing, access to financially strong insurers, and a more streamlined renewal process. Participation remains voluntary, and each association retains full control over its decisions.

To introduce the initiative, the CVE Advocacy Club will hold two informational meetings for board members at Le Club on Thursday, May 7, at 9:30 a.m. and 7:30 p.m. Those planning to attend are asked to email CVEAdvocacyClub@gmail.com and indicate which session they plan to attend.