The condominium insurance marketplace was already hardening over the past five years, making coverage options more limited and expensive for insureds. (Photo: Adobe Stock) The condominium insurance marketplace was already hardening over the past five years, making coverage options more limited and expensive for insureds. (Photo: Adobe Stock)

Even before the sudden and tragic collapse of the Champlain Towers South, a 12-story beachfront condo­minium building located just outside of Mi­ami in Surfside, Fla., insuring condominiums was a tough proposition.

In South Florida specifically, most of the condo buildings were built at least a few decades ago and stand in close proximity to the water. Factor in rising sea levels, and these facilities become unattractive to underwriters.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2023 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.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.