"Insurance companies are raising rates on all coastal high-rise insurance policies by up to 250% in some cases, and in other instances, they are not willing to insure older buildings (40 to 60 years old) which have structural deficiencies that were not corrected and no reserves available to correct them," said David Haber of Haber Law. Similarly, financial institutions are no longer willing to lend to prospective purchasers of units in those buildings." (Credit: Felix Mizioznikov/Shutterstock)
Despite the tragic condominium collapse in Surfside in June 2021, the Florida Legislature has still not agreed on a bill that would require more rigorous inspections for condos. So, without legislation, attorneys are taking the initiative to create their own guidelines for condominium owners worried about the possibility of future tragedies.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Melea VanOstrand
Melea VanOstrand oversees the Daily Business Review as ALM's Florida Bureau Chief. Email Melea at [email protected] or follow her on her Twitter or Facebook pages.
