Well before the devastating collapse of the Champlain Towers, it had become near impossible for oceanfront commercial properties and those located in coastal regions to obtain coverage from Florida licensed carriers. (Credit: Fernando Medina/Shutterstock)
The business of insurance relies upon predictive indicators of risk exposure. So how will a seemingly (and hopefully) rare event like the Surfside condo collapse impact the way that condominium association-owned buildings model? Does the fact that a board of laypeople is tasked with decisions affecting the structural integrity of condo buildings influence the insurability of those buildings? If so, Florida residents will likely see a continued decline in the availability of property insurance coverage from Florida licensed insurers.
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