How Champlain Towers could impact condo insurance in 2022

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.